Notes to Accounts of Skipper Ltd.

Mar 31, 2025

x) Provisions and Contingencies

The assessments undertaken in recognising provisions and contingencies have been made in accordance with Indian
Accounting Standards (Ind AS) 37, ''Provisions, Contingent Liabilities and Contingent Assets''. The evaluation of the likelihood
of the contingent events is applied best judgement by management regarding the probability of exposure to potential loss.

2. PROPERTY, PLANT & EQUIPMENT, RIGHT OF USE ASSETS AND INTANGIBLE ASSETS
Accounting Policy :

Property, Plant & Equipment

a) Recognition and Measurement

Property, plant & equipment held for use in the production or/and supply of goods or services, or for administrative purposes,
are stated in the balance sheet at cost, less any accumulated depreciation and accumulated impairment losses (if any).

Cost of an item of property, plant and equipment acquired comprises its purchase price, including import duties and non¬
refundable purchase taxes, after deducting any trade discounts and rebates, any directly attributable costs of bringing the
assets to its working condition and location for its intended use and present value of any estimated cost of dismantling and
removing the item and restoring the site on which it is located.

In case of self-constructed assets, cost includes the costs of all materials used in construction, direct labour, allocation of
directly attributable overheads, directly attributable borrowing costs incurred in bringing the item to working condition for
its intended use, and estimated cost of dismantling and removing the item and restoring the site on which it is located. The
costs of testing whether the asset is functioning properly, after deducting the net proceeds from selling items produced
while bringing the asset to that location and condition are also added to the cost of self-constructed assets.

Gains or losses arising from the retirement or disposal of Property, Plant & Equipment are determined as the difference
between the net disposal proceeds and the carrying amount of the asset and recognised as income or expense in the
Standalone Statement of Profit and Loss.

b) Depreciation and Amortization

i) Depreciation on property, plant & equipment is provided under Straight Line Method over the useful lives of assets
after net off residual value as prescribed by Schedule II of the Companies Act, 2013. Depreciation due to change in the
value of property, plant and equipment resulting from exchange rate fluctuation has been provided prospectively
over the residual life of the respective assets.

ii) Depreciation in respect of property, plant & equipment added / disposed off during the year is provided on pro-rata
basis, with reference to the date of addition/disposal.

iii) The estimated useful life is reviewed annually by the management at each financial year end.

Intangible Assets

Intangible assets acquired separately are measured on initial recognition at cost. Following initial recognition, intangible assets are
carried at cost less accumulated amortisation and accumulated impairment loss, if any.

Intangible assets are amortised on straight line basis over its estimated useful life of 5 years.

Right of Use (ROU) Assets

The ROU assets comprise the initial measurement of the corresponding lease liability, lease payments and security deposit made
at or before the commencement day and any initial direct costs. They are subsequently measured at cost less accumulated
depreciation and impairment losses.

ROU assets are depreciated over the shorter period of the lease term and useful life of the underlying asset. If the company is
reasonably certain to exercise a purchase option, the right-of-use asset is depreciated over the underlying asset''s useful life. The
depreciation starts at the commencement date of the lease.

As a practical expedient, Ind AS 116 permits a lessee not to separate non-lease components when bifurcation of the payments is
not available between the two components, and instead account for any lease and associated non-lease components as a single
arrangement. The Company has used this practical expedient.

Extension and termination options are included in many of the leases. In determining the lease term the management considers
all facts and circumstances that create an economic incentive to exercise an extension option, or not exercise a termination option.

Capital Work in Progress

Capital work-in-progress is stated at cost which includes expenses incurred during construction period, interest on amount
borrowed for acquisition of qualifying assets and other expenses incurred in connection with project implementation in so far as
such expenses relate to the period prior to the commencement of commercial production.

FINANCIAL ASSETS
Accounting Policy :

All financial assets are recognised on trade date when the purchase of a financial asset is under a contract whose term requires
delivery of the financial asset within the timeframe established by the market concerned. Financial assets are initially measured at
fair value, plus transaction costs, except for those financial assets which are classified at fair value through profit or loss (FVTPL) at
inception. All recognised financial assets are subsequently measured in their entirety at either amortised cost or fair value.

The Company derecognises a financial asset only when the contractual rights to the cash flows from the asset expire, or when it
transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity.

The Company assess at each date of balance sheet whether a financial asset or a group of financial assets is impaired. Ind AS 109
requires expected credit loss to be measured through a loss allowance."

Classification and Subsequent Measurement

For purposes of subsequent measurement, financial assets are classified:

a) Measured at Amortized Cost

b) Measured at Fair Value Through Other Comprehensive Income (FVTOCI)

c) Measured at Fair Value Through Profit or Loss (FVTPL) and

Financial assets are not reclassified subsequent to their initial recognition, except if and in the period the Company changes its
business model for managing financial assets."

Measured at Amortized Cost

The Financial assets are subsequently measured at the amortized cost if both the following conditions are met:

The asset is held within a business model whose objective is achieved by both collecting contractual cash flows; and

The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and
interest (SPPI) on the principal amount outstanding.

After initial measurement, such financial assets are subsequently measured at amortized cost using the effective interest rate (EIR)
method. Income is recognised on an effective interest basis for debt instruments other than those financial assets classified as
FVTPL. Interest income is recognised in the standalone statement of profit and loss"

The amortised cost of a financial assets is also adjusted for loss allowance, if any.

Measured at Fair Value Through Other Comprehensive Income (FVTOCI)

¦ The financial assets are measured at the FVTOCI if both the following conditions are met:

¦ The objective of the business model is achieved by both collecting contractual cash flows and selling the financial assets; and
The asset''s contractual cash flows represent SPPI.

Debt instruments meeting these criteria are measured initially at fair value plus transaction costs. They are subsequently measured
at fair value with any gains or losses arising on re-measurement recognized in other comprehensive income, except for impairment
gains or losses and foreign exchange gains or losses. Interest calculated using the effective interest method is recognized in the
standalone statement of profit and loss."

Measured at Fair Value Through Profit or Loss (FVTPL)

Financial assets are measured at fair value through profit or loss unless it is measured at amortised cost or at fair value through
other comprehensive income on initial recognition. Gains or losses arising on re-measurement are recognised in the standalone
statement of profit and loss. The net gains or loss recognised in standalone statement of profit and loss incorporates any dividend
or interest earned on the financial assets and is included in the "Other income" line item.

Refer Note 50 for disclosure related to Fair value measurement of financial instruments.

3. NON-CURRENT FINANCIAL ASSETS - INVESTMENTS
Accounting Policy :

Investment in Joint-venture is measured at cost less impairment loss, if any.

The joint arrangement is structured through a separate vehicle and the legal form of the separate vehicle, the terms of the
contractual arrangement and, when relevant, any other facts and circumstances gives the Company rights to the net assets of the
arrangement (i.e. the arrangement is a joint venture). The activities of the joint venture are primarily aimed to provide the third
parties with an output and the parties to the joint venture will not have rights to substantially all the economic benefits of the
assets of the arrangement.

T? in noillimnd

3.01 I he Company had executed a Limited Liability Partnership Agreement with Metzerplas Cooperative Agricultural Organization Ltd
(an agriculture cooperative incorporated in Israel) dated 14^th February 2018, to jointly carry out business activities in the field of
micro-irrigation within the framework of joint-venture. Pursuant to this, an LLP was incorporated on 9^th March, 2018, wherein the
Company holds 50% partnership Interest.

6. INVENTORIES
Accounting Policy :

Inventories of raw materials, fuel, stores & spares parts and packing materials are valued at lower of cost or net realisable value
(NRV). However, these items are considered to be realisable at cost, if the finished products, in which they will be used, are
expected to be sold at or above cost. Cost is determined on weighted average basis.

Work in progress (WIP) and finished goods are Valued at lower of cost or NRV. Cost of Finished goods and WIP includes cost of raw
materials, cost of conversion and other costs incurred in bringing the inventories to their present location and condition. Cost of
inventories is computed on weighted average basis.

Waste / Scrap inventory is valued at NRV. Net realisable value is the estimated selling price in the ordinary course of business, less
the estimated costs of completion and the estimated costs necessary to make the sale.

11 CONTRACT ASSETS
Accounting Policy :

Contract assets are recognised when there is excess of revenue earned over billings on contracts. Unbilled receivables where
further subsequent performance obligation is pending are classified as contract assets when the company does not have
unconditional right to receive cash as per contractual terms. Revenue recognition for fixed price development contracts is based
on percentage of completion method. Invoicing to the clients is based on milestones as defined in the contract. This would result
in the timing of revenue recognition being different from the timing of billing the customers. Unbilled revenue for fixed price
development contracts is classified as non-financial asset as the contractual right to consideration is dependent on completion
of contractual milestones.

(a) Securities Premium Reserve : The Reserve represents the premium on issue of shares and can be utilized in accordance
with the provisions of the Companies Act, 2013.

(b) General Reserve : The Reserve is created by an appropriation from one component of equity (generally retained earnings)
to another, not being an item of Other Comprehensive Income. The same can be utilised by the company in accordance
with the provisions of the Companies Act, 2013.

(c ) Retained Earnings : This reserve represents the cumulative profits of the Company and effects of re-measurement of
defined benefit obligations. This reserve can be utilised in accordance with the provisions of the Companies Act 2013.

(d) Other Reserves:

(i) Item of other Comprehensive Income (Re-Measurement of defined benefit plans): Re-measurement,
comprising actuarial gains and losses, the effect of the changes to the asset ceiling (if applicable) and the return on
plan assets (excluding net interest), is reflected immediately in the Balance Sheet with a charge or credit recognised
in Other Comprehensive Income (OCI) in the period in which they occur. Re-measurement recognised in OCI is
reflected immediately in retained earnings and will not be reclassified to Statement of Profit and Loss.

Accounting Policy :

Lease liability is initially measured at the present value of future lease payments. Lease payments are discounted using the interest
rate implicit in the lease or, if not readily determinable, using the incremental borrowing rate. Lease liability is subsequently
remeasured by increasing the carrying amount to reflect interest on the lease liability and reducing the carrying amount to reflect
the lease payments made.

The Company assesses whether a contract is or contains a lease, at inception of the contract. The Company recognises a right-of-
use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short-term
leases (defined as leases with a lease term of 12 months or less) and leases of low value assets. For these leases, the Company
recognises the lease payments as an operating expense on a straight-line basis over the lease term, unless another systematic
basis is more representative of the time pattern in which economic benefits from the leased assets are consumed. Contingent and
variable rentals are recognized as expense in the periods in which they are incurred.

Accounting Policy :

Deferred tax is provided, on all temporary differences at the reporting date between the tax bases of assets and liabilities and their
carrying amounts for financial reporting purposes. Deferred tax assets and liabilities are measured at the tax rates that are expected
to be applied to the temporary differences when they reverse, based on the laws that have been enacted or substantively enacted
at the reporting date. Tax relating to items recognised directly in equity or OCI is recognised in equity or OCI and not in the
standalone statement of profit and loss.

Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they
relate to income taxes levied by the same tax authority, but they intend to settle current tax liabilities and assets on a net basis or
their tax assets and liabilities will be realized simultaneously.

A deferred tax asset is recognized to the extent that it is probable that future taxable profits will be available against which the
temporary difference can be utilised. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that
it is no longer probable.

21 OTHER NON-CURRENT LIABILITIES

Accounting Policy :

Government grants are recognized at their fair values when there is reasonable assurance that the grants will be received and the
Company will comply with all the attached conditions

a) Government grants are recognised in the statement of profit or loss on a systematic basis over the periods in which the
Company recognises the related costs for which the grants are intended to compensate.

b) Grants related to acquisition/ construction of property, plant and equipment are recognised as deferred revenue in the
Balance Sheet and transferred to the statement of profit or loss on a systematic and rational basis over the useful lives of the
related asset.

The Company earns revenue primarily from sale of engineering & polymer products. It also earns revenue from its Infrastructure
Projects (Engineering, Procurement & Construction services) segment.

The Company follows Ind AS 115 "Revenue from Contracts with Customers" in respect of recognition of revenue from contracts
with customers which provides a control-based revenue recognition model and a five-step application approach for revenue
recognition as under:

a) Identification of the contract(s) with customers;

b) Identification of the performance obligations;

c) Determination of the transaction price;

d) Allocation of the transaction price to the performance obligations;

e) Recognition of the revenue when or as the Company satisfies performance obligation."

Revenue from contracts with customers is recognized when control of the goods or services are transferred to the customer at
an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services.
Revenue excludes amounts collected on behalf of third parties.

a) Revenue from sale of goods & services :

Revenue from the sale of engineering and polymer products is measured based on the consideration specified in a contract
with a customer and excludes amounts collected on behalf of third parties. Company recognises revenue at a point in time,
when control is transferred to the customer, and the consideration agreed is expected to be received. Control is generally
deemed to be transferred upon delivery of the products in accordance with the agreed delivery plan"

b) Revenue from infrastructure projects :

According to Ind AS 115 revenue is recognized over time (percentage of completion) either when the performance creates
an asset that the customer controls as the asset is created (e.g. work in progress) or when the performance creates an
asset with no alternative use and an enforceable right to payment as performance is completed to date has been secured.
Revenue is also recognized over time if the customer simultaneously receives and consumes the benefits from goods and
services as performed.

c) Variable Consideration :

If the consideration in a contract includes a variable amount, the company estimates the amount of consideration to
which it will be entitled to in exchange for transferring goods to the customer. In Polymer segment of the Company, Some
contracts with the customers provide them with a right to return and volume rebates. The right to return and volume
rebates gives rise to variable consideration. The amount of variable consideration is calculated by either using the expected
value or the most likely amount depending on which is expected to better predict the amount of variable consideration.

d) Modification in Contract :

Contracts are subject to modification to account for changes in contract specification and requirements. The
Company reviews modification to contract in conjunction with the original contract, basis which the transaction price
could be allocated to a new performance obligation, or transaction price of an existing obligation could undergo
a change. In the event transaction price is revised for existing obligation, a cumulative adjustment is accounted for.
The Company disaggregates revenue from contracts with customers by industry verticals, geography and nature of goods
or services.

Borrowing cost include interest expense calculated using the effective interest method, finance charges in respect of assets
acquired on finance lease and exchange difference arising on foreign currency borrowings to the extent they are regarded as an
adjustment to the finance cost.

Transaction costs in respect of long term borrowing are amortized over the tenure of respective loans using Effective Interest Rate
(EIR) method. All other borrowing costs are recognized in the standalone statement of profit and loss in the period in which they
are incurred.

a) Provisions

i) Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past
event, it is probable that an outflow of resources embodying economic benefits will be required to settle the
obligation and a reliable estimate can be made of the amount of the obligation.

Provisions is measured using the cash flows estimated to settle the present obligation and when the effect of time
value of money is material, Provisions are determined by discounting the expected future cash flows (representing
the best estimate of the expenditure required to settle the present obligation at the balance sheet date) at a pre¬
tax rate that reflects current market assessments of the time value of money and the risks specific to the liability.
The unwinding of the discount is recognized as finance cost. Reimbursement expected in respect of expenditure
required to settle a provision is recognised only when it is virtually certain that the reimbursement will be received.

ii) Decommissioning Liability

Restoration/ Rehabilitation/ Decommissioning cost are provided for in the accounting period when the obligation
arises based on the NPV of the estimated future cost of restoration to be incurred. It includes the dismantling and
demolition of infrastructure and removal of residual material. This provision is based on all regulatory requirements
and related estimated cost based on best available information.

iii) Onerous Contracts

Present obligations arising under onerous contracts are recognized and measured as provisions. An onerous contract
is considered to exist when a contract under which the unavoidable costs of meeting the obligations exceed the
economic benefits expected to be received from it.

b) Contingent Liabilities

A contingent liability is a possible obligation that arises from past events whose existence will be confirmed by the
occurrence or non-occurrence of one or more uncertain future events beyond the control of the Company or a present
obligation that is not recognized because it is not probable that an outflow of resources will be required to settle the
obligation. A contingent liability also arises in extremely rare cases where there is a liability that cannot be recognized
because it cannot be measured reliably. The Company does not recognize a contingent liability but discloses its existence
in the standalone financial statements.

41.02 It is not practicable to estimate the timing of cash outflows, if any, in respect of matters at pending resolution of the
appellate proceedings.

42 Estimated amount of contracts pending execution on capital account and not provided for (net of advances) is C542.07 million
(Previous Years: C340.96 million).

43 The Company has given Corporate Guarantee of C1,098.80 million (Previous Years: C598.80 million) to a Bank for arranging
credit facility for its Joint Venture and has received a Bank Guarantee from its Joint Venture Partner for C Nil million (Previous
Years: C Nil million) as collateral. Borrowings outstanding in the books of account of the Joint Venture from this credit facility is
C711.16 million (Previous Years: C427.17 million).

44 Event Occurring after the Balance sheet date

The dividend declared by the Company is based on profits available for distribution as reported in the financial statements of the
Company. On 30^th April, 2025, the Board of Directors of the Company has proposed a dividend of C0.10 (previous year: C0.10 per
equity share) per fully paid-up equity share of C1 each and a pro-rata dividend of C0.025 (previous year: C0.025) per partly paid-up
equity share of ?0.25 each i.e. 25% of the paid-up value in respect of the year ended 31^st March, 2025, subject to the approval of
shareholders at the Annual General Meeting. If approved, the dividend would result in a cash outflow of approximately C11.28
million (Previous Years: C 10.52 million).

45 As per Section 135 of the Companies Act, 2013, a CSR committee has been formed by the company. The disclosure in respect of
CSR Expenditure during the current and pervious year as aligned with the CSR Policy of the Company which is in line with the
activities specified in Schedule VII of the Companies Act, 2013 is as under:

47 LEASES

Accounting Policy :

Lease commitments

The Company has lease contracts for certain items of office premises, plant & machinery and land. The Company''s obligations
under leases are secured by the lessor''s title to the leased assets.

Applied a single discount rate to a portfolio of leases of similar assets in similar economic environment with a similar end date.
Applied the exemption not to recognize right-of-use assets and liabilities for leases with less than 12 months of lease term on the
date of initial application.

Excluded the initial direct costs from the measurement of the right-of-use asset at the date of initial application.

Set out below are the carrying amounts of lease liabilities included under financial liabilities and right to use asset included under
non-current assets and the movements during the current and previous year.

48 RELATED PARTY DISCLOSURES (Contd.)

48.1 Remuneration paid to directors represents short-term employee benefits and does not includes any long-term employee benefits
post retirement.

48.2 Advance against salary given to directors, is as per the company''s policy for its employees.

48.3 All related party transactions entered during the current and previous financial year are in ordinary course of business and on arm''s
length basis.

49 SEGMENT REPORTING
Accounting Policy :

The identification of operating segment is consistent with performance assessment and resource allocation by the chief operating
decision maker. An operating segment is a component of the Company that engages in business activities from which it may
earn revenues and incur expenses including revenues and expenses that relate to transactions with any of the other components
of the Company and for which discrete financial information is available. Operating segments of the Company comprises three
segments Engineering, Polymer products and Infrastructure segment. All operating segment''s operating results are reviewed
regularly by the chief operating decision maker to make decisions about resources to be allocated to the segments and assess
their performance.

50 FAIR VALUATION OF FINANCIAL ASSETS AND FINANCIAL LIABILITIES (NON-CURRENT AND
CURRENT) (Contd.)

Accounting Policy :

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market
participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation
technique. In estimating the fair value of an asset or a liability, the Company takes into account the characteristics of the asset or
liability if market participants would take those characteristics into account when pricing the asset or liability at the measurement
date. Fair value for measurement and/or disclosure purposes in the financial statement is determined on such a basis, leasing
transactions and measurements that have some similarities to fair value but are not fair value, such as net realisable value in
Inventories or value in use in Impairment of Assets.

51 EMPLOYEE BENEFITS (Contd.)

b) Other Long Term Employee Benefits

The liabilities for earned leaves that are not expected to be settled wholly within twelve months are measured as the present
value (determined by actuarial valuation using the projected unit credit method) of the expected future payments to be made
in respect of services provided by employees up to the end of the reporting period and recognised in books of accounts. The
present value of the defined benefit plan liability is calculated using a discount rate which is determined by reference to market
yields at the end of the reporting period on government bonds. Re-measurements as the result of experience adjustment and
changes in actuarial assumptions are recognized in standalone statement of profit and loss.

c) Post-Employment Benefits

The Company operates the following post-employment schemes:

i) Defined Benefit Plan

The liability or asset recognized in the Balance Sheet in respect of defined benefit plans is the present value of the defined
benefit obligation at the end of the reporting period less the fair value of plan assets. The Company''s net obligation in
respect of defined benefit plans is calculated by estimating the amount of future benefit that employees have earned in
the current and prior periods.

The defined benefit obligation is calculated annually by Actuaries using the projected unit credit method. The
liability recognized for defined benefit plans is the present value of the defined benefit obligation at the reporting
date less the fair value of plan assets, together with adjustments for unrecognized actuarial gains or losses and
past service costs. Net interest is calculated by applying the discount rate at the beginning of the period to the net
defined benefit liability or asset. Past service cost is recognised in the standalone statement of profit and loss in
the period of a plan amendment. The present value of the defined benefit plan liability is calculated using a discount
rate which is determined by reference to market yields at the end of the reporting period on government bonds.
Re-measurement, comprising actuarial gains and losses, the effect of the changes to the asset ceiling (if applicable) and
the return on plan assets (excluding net interest), is reflected immediately in the Balance Sheet with a charge or credit
recognised in Other Comprehensive Income (OCI) in the period in which they occur. Re-measurement recognised in OCI is
reflected immediately in retained earnings and will not be reclassified to standalone statement of profit and loss.

The Company contributes to fund maintained with Life Insurance Corporation of India.

ii) Defined Contribution Plan

Retirement benefit in the form of provident fund is a defined contribution scheme. The Company has no obligation other
than the contribution payable to the Provident fund. Contribution payable under the provident fund is recognised as
expenditure in the standalone statement of profit and loss.

Disclosure pursuant to Indian Accounting Standard (Ind AS) 19 - Employee Benefits are as under :

51 EMPLOYEE BENEFITS (Contd.)

(B) Defined Benefit Plan :

Post employment and other long term employee benefits in the form of gratuity and leave encashment are considered
as defined benefit obligation. The employees'' gratuity fund scheme managed by Life Insurance Corporation of India is a
defined benefit plan. The present value of obligation is determined based on actuarial valuation using the Projected Unit
Credit Method, which recognizes each period of service as giving rise to additional unit of employee benefit entitlement
and measures each unit separately to build up the final obligation. Under the PUC method a "projected accrued benefit"
is calculated at the beginning of the year and again at the end of the year for each benefit that will accrue for all active
members of the Plan. The "projected accrued benefit" is based on the Plan''s accrual formula and upon service as of the
beginning or end of the year, but using a member''s final compensation, projected to the age at which the employee is
assumed to leave active service. The Plan liability is the actuarial present value of the "projected accrued benefits" as of the
beginning of the year for active members.

Liability for leave payable at the time of retirement has been recognized on actuarial basis.

The defined benefit obligation calculated as on 31^st March, 2025 is based on the existing salary definition (Basic DA) and
the impact of the new definition of Wages under the proposed Code on Wages, 2019 issued by the Government of India
has not been considered since the applicable date for Code of Wages has not yet been notified by the Government.

Risk Exposure:

Defined Benefit Plans expose the Company to actuarial risks such as: Interest Rate Risk, Salary Risk, Demographic Risk and
Regulatory risk.

(a) Interest rate risk : The defined benefit obligation calculated uses a discount rate based on government bonds. If
bond yields fall, the defined benefit obligation will tend to increase.

(b) Salary risk : Higher than expected increases in salary will increase the defined benefit obligation.

(c) Demographic risk : This is the risk of variability of results due to unsystematic nature of decrements that include
mortality, withdrawal, disability and retirement. The effect of these decrements on the defined benefit obligation
is not straight forward and depends upon the combination of salary increase, discount rate and vesting criteria. It
is important not to overstate withdrawals because in the financial analysis the retirement benefit of a short career
employee typically costs less per year as compared to a long service employee.

(d) Regulatory Risk : Gratuity benefit is paid in accordance with the requirements of the Payment of Gratuity Act ,
1972 (as amended from time to time). There is a risk of change in regulations requiring higher gratuity payouts (e.g.
Increase in the maximum limit on gratuity from C1 million to C2 million). An upward revision of maximum gratuity
limit will result in gratuity plan obligation.

The following tables summarises the components of net benefit expense recognised in the statement of profit and
loss and the funded status and amounts recognised in the balance sheet for the Post-retirement benefit plans.

Derivative Financial Instrument

The Company uses derivative financial instruments such as forward, swap, options etc. to hedge against interest rate and foreign
exchange rate risks, including foreign exchange fluctuation related to highly probable forecast sale. The realized gain / loss in
respect of hedged foreign exchange contracts which has expired / unwinded during the year are recognized in the standalone
statement of profit and loss and included in other operating revenue / other expense as the case may be. However, in respect
of foreign exchange forward contracts period of which extends beyond the balance sheet date, the fair value of outstanding
derivative contracts is marked to market and resultant net loss/gain is accounted in the standalone statement of profit and loss.
Company does not hold derivative financial instruments for speculative purposes.

Derivatives and Hedge Accounting

Derivatives are initially recognised at fair value and are subsequently remeasured to their fair value at the end of each reporting
period. The resulting gains / losses are recognised in Statement of Profit and Loss immediately unless the derivative is designated
and effective as a hedging instrument, in which event the timing of recognition in profit or loss / inclusion in the initial cost of
non-financial asset depends on the nature of the hedging relationship and the nature of the hedged item. The Company complies
with the principles of hedge accounting where derivative contracts are designated as hedge instruments. At the inception of the
hedge relationship, the Company documents the relationship between the hedge instrument and the hedged item, along with
the risk management objectives and its strategy for undertaking hedge transaction, which is a cash flow hedge.

Cash Flow Hedge

The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognised
in the other comprehensive income and accumulated as ''Cash Flow Hedging Reserve''. The gains / losses relating to the
ineffective portion are recognised in the Statement of Profit and Loss. Amounts previously recognised and accumulated in other
comprehensive income are reclassified to profit or loss when the hedged item affects the Statement of Profit and Loss. However,
when the hedged item results in the recognition of a non- financial asset, such gains / losses are transferred from equity (but
not as reclassification adjustment) and included in the initial measurement cost of the non- financial asset. Hedge accounting is
discontinued when the hedging instrument expires or is sold, terminated, or exercised, or when it no longer qualifies for hedge
accounting. Any gains /losses recognised in other comprehensive income and accumulated in equity at that time remain in
equity and is reclassified when the underlying transaction is ultimately recognised. When an underlying transaction is no longer
expected to occur, the gains / losses accumulated in equity are recognised immediately in the Statement of Profit and Loss.

The Company''s principal financial liabilities other than derivatives comprise long-term and short-term borrowings, capital
creditors and trade and other payables. The main purpose of these financial liabilities is to finance the Company''s operations. The
Company''s principal financial assets other than derivatives include trade and other receivables, cash and cash equivalents and
deposits that derive directly from its operation.

The Company is exposed to market, credit, liquidity and regulatory risks. The Company''s senior management oversees the
management of these risks. The Board of Directors reviews and agrees policies for managing each of these risks, which are
summarised below :

(A) Market risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market
prices. Market risk comprises three types of risk: commodity risk, interest rate risk and foreign currency risk.

(a) Commodity Price Risk

Company is affected by the price volatility of certain commodities, primarily, Steel, Zinc and PVC Resin. Its operating activities
require the on-going purchase of these materials. The company has arrangement to pass-through the increase/decrease in
Steel and Zinc price through price variance clause in majority of the contract. Resin price is primarily dependent on Crude
Oil prices. There is a certain residual risk carried by the Company that cannot be hedged against. The company effectively
manages deals with availability of material as well as price volatility by widening its sourcing base, through well planned
procurement & inventory strategy and prudent hedging policy on foreign currency exposure.

52 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (Contd.)

(b) Foreign Currency Risk

Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in
foreign exchange rates. The Company''s exposure to the risk of changes in foreign exchange rate relates primarily to the
Company''s operating activities (when revenue or expense is denominated in a foreign currency). Further, the Company
has foreign currency risk on import of input materials, capital commitment and also borrow funds in foreign currency
for its business. The Company evaluates the impact of foreign exchange rate fluctuations by assessing its exposure to
exchange rate risks. Certain transactions of the Company act as a natural hedge as a portion of both assets and liabilities
are denominated in similar foreign currencies, for the remaining exposers to foreign exchange risks, the Company adopts
a policy of selective hedging based on risk perception of management using derivative, whenever required, to mitigate or
eliminate the risks.

(C) Credit Risks

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its
contractual obligations, and arises principally from the Company''s receivables from customers.

Trade Receivables

The Company''s exposure to credit risk is influenced mainly by the individual characteristics of each customer. The
demographics of the customer, including the default risk of the industry and country in which the customer operates,
also has an influence on credit risk assessment. Credit risk is managed through credit approvals, establishing credit limits
and continuously monitoring the creditworthiness of customers to which the Company grants credit terms in the normal
course of business.

The Company has used a practical expedient by computing the expected credit loss allowance for trade receivables based
on a provision matrix. The provision matrix takes into account historical credit loss experience and adjusted for forward-

53 Capital Management

The Company''s objective to manage its capital is to ensure continuity of business while at the same time provide reasonable
returns to its various stakeholders but keep associated costs under control. In order to achieve this, requirement of capital is
reviewed periodically with reference to operating and business plans that take into account capital expenditure and strategic
investments. The Company manages its capital structure and makes adjustments in light of changes in economic conditions
and the requirements of the financial covenants. Apart from internal accrual, sourcing of capital is done through judicious
combination of equity and borrowing, both short term and long term. The Company is not subject to any externally imposed
capital requirements. The Company monitors capital using a debt equity ratio.

56 LOANS AND ADVANCES (REPAYABLE ON DEMAND OR WITHOUT SPECIFYING ANY TERMS OR
PERIOD OF REPAYMENT) TO SPECIFIED PERSON

During the year ended 31^st March, 2025, the Company did not provide any loans or advances, which remains outstanding
(repayable on demand or without specifying any terms or period of repayment ) to specified persons. (Previous Year: Nil).

57 RELATIONSHIP WITH STRUCK OFF COMPANIES

The company do not have any transactions with company''s struck off under Section 248 of the Companies Act, 2013 or Section
560 of the Companies Act, 1956 during the year ended 31^st March, 2025 (Previous year: Nil).

58 DISCLOSURE IN RELATION TO UNDISCLOSED INCOME

The Company do not have any undisclosed income disclosed or surrendered during the year ended 31^st March, 2025. (Previous
year: Nil).

59 DETAILS OF BENAMI PROPERTY HELD

The Company do not hold any property under Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder,
hence there are no proceedings against the company for the year ended 31^st March, 2025 and also for the year ended 31^st
March, 2024.

60 REGISTRATION OF CHARGES OR SATISFACTION WITH REGISTRAR OF COMPANIES (ROC)

The Company do not have any charges or satisfaction, which are yet to be registered with ROC beyond the statutory period,
during the year ended 31^st March, 2025 and also during the year ended 31^st March, 2024.

61 DETAILS OF CRYPTO CURRENCY OR VIRTUAL CURRENCY

The company have not traded or invested in crypto currency or virtual currency during the year ended 31^st March, 2025 and also
during the year ended 31^st March, 2024.

62 The Company has not been declared wilful defaulter by any bank or financial institution or any government or any government
authority during the current year and previous financial year.

63 UTILISATION OF BORROWED FUND AND SHARE PREMIUM

The Company have not advanced or loaned or invested funds to any other person(s) or entity (ies), including foreign entities
(intermediaries) with the understanding that the intermediary shall: (a) directly or indirectly lend or invest in other persons or
entities identified in any manner whatsoever by or on behalf of the company (ultimate beneficiaries) or (b) provide any guarantee,
security or the like to or on behalf of the ultimate beneficiaries.

The Company have not received any fund from any person(s) or entity(ies), including foreign entities (funding party) with the
understanding (whether recorded in writing or otherwise) that the company shall: (a) directly or indirectly lend or invest in other
persons or entities identified in any manner whatsoever by or on behalf of the funding party (ultimate beneficiaries) or (b) provide
any guarantee, security or the like on behalf of the ultimate beneficiaries."

64 RIGHT ISSUE OF EQUITY SHARES

The Board of Directors of the Company (''the Board'') at its meeting held on 16^th August 2023 had approved raising of funds by way
of an issue of equity shares through rights issue ("Rights Issue"). Further, the Rights Issue Committee as constituted by the Board,
at its meeting held on 8^th January 2024 & 17^th January, 2024 has approved various terms of the Issue and the Letter of Offer for
issue of 1,02,67,021 equity shares of face value of Rs.1 each at a price of Rs.194/- per Equity Share (including premium of Rs.193 per
Equity Share), in the ratio of 1 Equity Shares for every 10 existing fully-paid equity shares held by the eligible equity shareholders
as on the record date i.e. 12^th January 2024. The issue period was from 30^th January, 2024 to 8^th February, 2024. On 19^th February,
2024, the Rights Issue Committee as constituted by the Board of the Company approved allotment of 1,02,67,021 partly paid-up

Equity Shares at an issue price of C194 per Equity Shares [(including premium of C193 per Equity Shares) of which C48.50 per equity
Shares has been received on application ( C0.25 has been paid-up on application as share capital and C48.25 as a premium per
equity shares)], to eligible equity shareholders. Subsequently, the board on 28^th October, 2024 approved making of first and final
call money, which is received in full except for 109888 number of equity shares, where final call money is pending to be received
till 31^st March 2025. Right Issue Committee (RIC) in its meeting held on 30^th November, 2024 and 31^st December,2024 has approved
for conversion of 9837458 and 319675 respectively number of partly paid equity shares into fully paid equity shares.

65 Balances of certain debtors and creditors are subject to confirmation and reconciliation. In the opinion of the management,
current assets, loan and advances will have value on realization in the ordinary course of business at least equal to the amount at
which they are stated.

66 The Indian Parliament has approved the Code on Social Security, 2020 which would impact contribution by the company towards
Provident Fund and Gratuity. The Ministry of Labour and Employment has released draft rules for the Code on Social Security, 2020
on November 13 2020, and has invited suggestions from stakeholders which are under active consideration by the Ministry. The
Company will assess the impact of the Code when it comes into effect and will record any related impact in the period when the
Code become effective.

69 The Company has used the borrowings from bank for the specific purpose for which it was taken at the balance sheet date.

70 The Company has used accounting software for maintaining its books of account which has a feature of recording audit trail (edit
log) facility and the same has operated throughout the year for all relevant transactions recorded in the software, except that audit
trail feature is not enabled at the database level. Further there is no instance of audit trail feature being tampered and the audit
trail has been preserved by the company as per the statutory requirements for record retention except at the database level.

71 The management has evaluated all activity of the Company till 30^th April, 2025 and conclude that there ware no additional
subsequent event required to be reflected in the Company''s standalone financial statements.

72 Previous year figures have been re-grouped / re-classified wherever necessary, to conform to current year classification.

Notes forming part of standalone financial statements 1-72

As per our report annexed For and on behalf of the Board

For J K V S & CO

Chartered Accountants

Firm''s Regn No.-318086E

AJAY KUMAR SAJAN KUMAR BANSAL DEVESH BANSAL

Partner Chairman & Managing Director Director

Membership No. 068756 DIN - 00063555 DIN - 00162513

Place: Kolkata SHIV SHANKAR GUPTA ANU SINGH

Dated: 30-04-2025 Chief Financial Officer Company Secretary

---

Mar 31, 2024

x) Provisions and Contingencies

The assessments undertaken in recognising provisions and contingencies have been made in accordance with Indian Accounting Standards (Ind AS) 37, ‘Provisions, Contingent Liabilities and Contingent Assets''. The evaluation of the likelihood of the contingent events is applied best judgement by management regarding the probability of exposure to potential loss.

1F. Recent Pronouncements

Ministry of Corporate Affairs ("MCA") notifies new standards or amendments to the existing standards under Companies (Indian Accounting Standards) Rules as issued from time to time. For the year ended March 31, 2024, MCA has not notified any new standards or amendments to the existing standards applicable to the Company.

a) Recognition and Measurement

Property, plant and equipment held for use in the production or/and supply of goods or services, or for administrative purposes, are stated in the balance sheet at cost, less any accumulated depreciation and accumulated impairment losses (if any).

Cost of an item of property, plant and equipment acquired comprises its purchase price, including import duties and nonrefundable purchase taxes, after deducting any trade discounts and rebates, any directly attributable costs of bringing the assets to its working condition and location for its intended use and present value of any estimated cost of dismantling and removing the item and restoring the site on which it is located.

In case of self-constructed assets, cost includes the costs of all materials used in construction, direct labour, allocation of directly attributable overheads, directly attributable borrowing costs incurred in bringing the item to working condition for its intended use, and estimated cost of dismantling and removing the item and restoring the site on which it is located. The costs of testing whether the asset is functioning properly, after deducting the net proceeds from selling items produced while bringing the asset to that location and condition are also added to the cost of self-constructed assets.

b) Depreciation and Amortization

Depreciation on property, plant and equipment is provided under Straight Line Method over the useful lives of assets as prescribed by Schedule II of the Companies Act, 2013.

Depreciation due to change in the value of fixed assets resulting from exchange rate fluctuation has been provided prospectively over the residual life of the respective assets.

Depreciation in respect of property, plant and equipment added / disposed off during the year is provided on pro-rata basis, with reference to the date of addition/disposal.

Intangible Assets

Intangible assets acquired separately are measured on initial recognition at cost. Following initial recognition, intangible assets are carried at cost less accumulated amortisation and accumulated impairment loss, if any.

Intangible assets are amortised on straight line basis over its estimated useful life of 5 years.

Right of Use (ROU) Assets

The ROU assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses.

ROU assets are depreciated over the shorter period of the lease term and useful life of the underlying asset. If the company is reasonably certain to exercise a purchase option, the right-of-use asset is depreciated over the underlying asset''s useful life. The depreciation starts at the commencement date of the lease.

As a practical expedient, Ind AS 116 permits a lessee not to separate non-lease components when bifurcation of the payments is not available between the two components, and instead account for any lease and associated non-lease components as a single arrangement. The Company has used this practical expedient.

Extension and termination options are included in many of the leases. In determining the lease term the management considers all facts and circumstances that create an economic incentive to exercise an extension option, or not exercise a termination option.

Capital Work in Progress

Capital work-in-progress is stated at cost which includes expenses incurred during construction period, interest on amount borrowed for acquisition of qualifying assets and other expenses incurred in connection with project implementation in so far as such expenses relate to the period prior to the commencement of commercial production.

FINANCIAL ASSETS

Accounting Policy :

All financial assets are recognised on trade date when the purchase of a financial asset is under a contract whose term requires delivery of the financial asset within the timeframe established by the market concerned. Financial assets are initially measured at fair value, plus transaction costs, except for those financial assets which are classified at fair value through profit or loss (FVTPL) at inception. All recognised financial assets are subsequently measured in their entirety at either amortised cost or fair value.

The Company derecognises a financial asset only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity. The Company assesses at each date of balance sheet whether a financial asset or a group of financial assets is impaired. Ind AS 109 requires expected credit losses to be measured through a loss allowance .

The Company assesses at each date of balance sheet whether a financial asset or a group of financial assets is impaired. Ind AS 109 requires expected credit losses to be measured through a loss allowance.

Classification and Subsequent Measurement

For purposes of subsequent measurement, financial assets are classified:

a) Measured at Amortized Cost

b) Measured at Fair Value Through Other Comprehensive Income (FVTOCI)

c) Measured at Fair Value Through Profit or Loss (FVTPL) and

Financial assets are not reclassified subsequent to their initial recognition, except if and in the period the Company changes its business model for managing financial assets.

Measured at Amortized Cost

The Financial assets are subsequently measured at the amortized cost if both the following conditions are met:

• The asset is held within a business model whose objective is achieved by both collecting contractual cash flows; and

• The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest (SPPI) on the principal amount outstanding.

After initial measurement, such financial assets are subsequently measured at amortized cost using the effective interest rate (EIR) method. Income is recognised on an effective interest basis for debt instruments other than those financial assets classified as FVTPL. Interest income is recognised in the standalone statement of profit and loss.

Measured at Fair Value Through Other Comprehensive Income (FVTOCI)

The financial assets are measured at the FVTOCI if both the following conditions are met:

• The objective of the business model is achieved by both collecting contractual cash flows and selling the financial assets; and

• The asset''s contractual cash flows represent SPPI.

Debt instruments meeting these criteria are measured initially at fair value plus transaction costs. They are subsequently measured at fair value with any gains or losses arising on re-measurement recognized in other comprehensive income, except for impairment gains or losses and foreign exchange gains or losses. Interest calculated using the effective interest method is recognized in the standalone statement of profit and loss in investment income.

Measured at Fair Value Through Profit or Loss (FVTPL)

Financial assets are measured at fair value through profit or loss unless it is measured at amortised cost or at fair value through other comprehensive income on initial recognition. Gains or losses arising on re-measurement are recognised in the standalone statement of profit and loss. The net gains or loss recognised in standalone statement of profit and loss incorporates any dividend or interest earned on the financial assets and is included in the “Other income” line item.

Refer Note 50 for disclosure related to Fair value measurement of financial instruments.

6 INVENTORIES

Accounting Policy :

Inventories of raw materials, fuel, stores & spares parts and packing materials are valued at lower of cost or net realisable value (NRV). However, these items are considered to be realisable at cost, if the finished products, in which they will be used, are expected to be sold at or above cost. Cost is determined on weighted average basis.

Work in progress (WIP) and finished goods are Valued at lower of cost or NRV. Cost of Finished goods and WIP includes cost of raw materials, cost of conversion and other costs incurred in bringing the inventories to their present location and condition. Cost of inventories is computed on weighted average basis.

15 OTHER EQUITY (Contd.)

(c ) Retained Earnings : This reserve represents the cumulative profits of the Company and effects of re-measurement of defined benefit obligations. This reserve can be utilised in accordance with the provisions of the Companies Act 2013.

(d) Other Reserves:

(i) Item of other Comprehensive Income (Re-Measurement of defined benefit plans): Re-measurement, comprising actuarial gains and losses, the effect of the changes to the asset ceiling (if applicable) and the return on plan assets (excluding net interest), is reflected immediately in the Balance Sheet with a charge or credit recognised in Other Comprehensive Income (OCI) in the period in which they occur. Re-measurement recognised in OCI is reflected immediately in retained earnings and will not be reclassified to Statement of Profit and Loss.

(ii) Item of other Comprehensive Income (Effective portion of cash flow hedge): The Company uses hedging instruments as part of its risk management policy for foreign currency risk. The Cash Flow hedging reserve is used to recognise the effective portion of gain or loss on designated hedging relationship.

FINANCIAL LIABILITIES

Accounting Policy :

Financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument. Financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition of financial liabilities (other than financial liabilities at fair value through profit or loss) are deducted from the fair value measured on initial recognition of financial liability. They are measured at amortised cost using the effective interest method.

The Company derecognises financial liabilities when, and only when, the Company''s obligations are discharged, cancelled, or have expired.

Refer Note 50 for disclosure related to Fair value measurement of financial instruments.

17 NON-CURRENT FINANCIAL LIABILITIES - LEASE LIABILITIES

Accounting Policy :

The Company assesses whether a contract is or contains a lease, at inception of the contract. The Company recognises a right-of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets. For these leases, the Company recognises the lease payments as an operating expense on a straight-line basis over the lease term, unless another systematic basis is more representative of the time pattern in which economic benefits from the leased assets are consumed. Contingent and variable rentals are recognized as expense in the periods in which they are incurred.

The lease payments that are not paid at the commencement date are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, which is generally the case for leases in the Company, the lessee''s incremental borrowing rate is used, being the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions.

20 DEFERRED TAX LIABILITIES (NET)

Accounting Policy :

Deferred tax is provided, on all temporary differences at the reporting date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. Deferred tax assets and liabilities are measured at the tax rates that are expected to be applied to the temporary differences when they reverse, based on the laws that have been enacted or substantively enacted at the reporting date. Tax relating to items recognised directly in equity or OCI is recognised in equity or OCI and not in the standalone statement of profit and loss.

Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to income taxes levied by the same tax authority, but they intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realized simultaneously.

A deferred tax asset is recognized to the extent that it is probable that future taxable profits will be available against which the temporary difference can be utilised. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable.

30 REVENUE FROM OPERATIONS

Accounting Policy :

The Company earns revenue primarily from sale of engineering & polymer products. It also earns revenue from its Infrastructure Projects segment which includes Horizontal Direct Drilling services and Engineering, Procurement & Construction services.

a) Revenue from sale of goods :

Revenue from the sale of engineering and polymer products is measured based on the consideration specified in a contract with a customer and excludes amounts collected on behalf of third parties. Company recognises revenue at a point in time, when control is transferred to the customer, and the consideration agreed is expected to be received. Control is generally deemed to be transferred upon delivery of the products in accordance with the agreed delivery plan.

b) Revenue from infrastructure projects :

According to Ind AS 115 revenue is recognized over time (percentage of completion) either when the performance creates an asset that the customer controls as the asset is created (e.g. work in progress) or when the performance creates an asset with no alternative use and an enforceable right to payment as performance is completed to date has been secured. Revenue is also recognized over time if the customer simultaneously receives and consumes the benefits from goods and services as performed.

a) Provisions

i) Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation.

Provisions is measured using the cash flows estimated to settle the present obligation and when the effect of time value of money is material, Provisions are determined by discounting the expected future cash flows (representing the best estimate of the expenditure required to settle the present obligation at the balance sheet date) at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is recognized as finance cost. Reimbursement expected in respect of expenditure required to settle a provision is recognised only when it is virtually certain that the reimbursement will be received.

ii) Decommissioning Liability

Restoration/Rehabilitation/Decommissioning cost are provided for in the accounting period when the obligation arises based on the NPV of the estimated future cost of restoration to be incurred. It includes the dismantling and demolition of infrastructure and removal of residual material. This provision is based on all regulatory requirements and related estimated cost based on best available information.

iii) Onerous Contracts

Present obligations arising under onerous contracts are recognized and measured as provisions. An onerous contract is considered to exist when a contract under which the unavoidable costs of meeting the obligations exceed the economic benefits expected to be received from it.

b) Contingent Liabilities

A contingent liability is a possible obligation that arises from past events whose existence will be confirmed by the occurrence or non-occurrence of one or more uncertain future events beyond the control of the Company or a present obligation that is not recognized because it is not probable that an outflow of resources will be required to settle the obligation. A contingent liability also arises in extremely rare cases where there is a liability that cannot be recognized because it cannot be measured reliably. The Company does not recognize a contingent liability but discloses its existence in the standalone financial statements.

Lease commitments

The Company has lease contracts for certain items of office premises and land. The Company''s obligations under leases are secured by the lessor''s title to the leased assets.

Applied a single discount rate to a portfolio of leases of similar assets in similar economic environment with a similar end date.

Applied the exemption not to recognize right-of-use assets and liabilities for leases with less than 12 months of lease term on the date of initial application.

Excluded the initial direct costs from the measurement of the right-of-use asset at the date of initial application.

Set out below are the carrying amounts of lease liabilities included under financial liabilities and right to use asset included in Property, Plant and Equipment and the movements during the year.

49 SEGMENT REPORTING (Contd.)

(C) Information about major customers

Total amount of revenues from customers (each exceeding 10% of total revenues of the Company) is H 9782.60 million (Previous Year: Nil ) reported under engineering & infrastructure segment. During the year there is no revenue from a single export customers, which is more than 10% of the Company''s total revenue.

(D) Other disclosures

(i) The Operating Segments have been reported in a manner consistent with the internal reporting and evaluation by Chief Operating Decision Maker (CODM).

(ii) The business segment comprise the following :

The Engineering Products segment which includes Power Transmission Towers, Tower Accessories, Fasteners, Telecom Towers, Angles, Channels, Highmast Poles, Swaged Poles, Solar Power Systems, Railway Structures etc.

The Infrastructure Projects segment represents Engineering, Procurement & Construction services.

The Polymer Product segment which includes PVC, HDPE, CPVC, UPVC, SWR pipes & fittings, Water Tanks, Bath fittings and other related products.

(iii) The geographical information considered for disclosure are : Sales within India and Sales outside India.

(iv) There are no inter-segment revenues.

50 FAIR VALUATION OF FINANCIAL ASSETS AND FINANCIAL LIABILITIES (NON-CURRENT AND CURRENT)

Accounting Policy :

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. In estimating the fair value of an asset or a liability, the Company takes into account the characteristics of the asset or liability if market participants would take those characteristics into account when pricing the asset or liability at the measurement date. Fair value for measurement and/or disclosure purposes in the financial statement is determined on such a basis, leasing transactions and measurements that have some similarities to fair value but are not fair value, such as net realisable value in Inventories or value in use in Impairment of Assets.

Financial instruments

The estimated fair value of the Company''s financial instruments is based on market prices and valuation techniques. Valuations are made with the objective to include relevant factors that market participants would consider in setting a price, and to apply accepted economic and financial methodologies for the pricing of financial instruments. References for less active markets are carefully reviewed to establish relevant and comparable data.

(B) Fair Value Measurement & Hierarchy

The fair values of the financial assets and liabilities is the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale.

The Company has established the following fair value hierarchy that categories the values into 3 heads. The inputs to valuation technique used to measure the fair value of the financial instruments are:

Level 1: Quoted prices (unadjusted ) in the active markets for identical assets or liabilities that the entity can access at the measurement date.

Level 2: Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly or indirectly i.e. fair value of financial instruments that are not traded in an active market is determined using valuation techniques which maximises the use of observable market data and rely as little as possible on Company specific estimates. If all the significant inputs required to fair value an instrument are observable, the instruments is included in level 2.

Level 3: Unobservable inputs for the assets or liability i.e. if one or more of the significant inputs is not based on observable market data, the instruments is included in level 3.

51 EMPLOYEE BENEFITS

Accounting Policy :

a) Short Term Employee Benefits

Short term employee benefit obligations are measured on an undiscounted basis and are expensed as the related services are provided. Liabilities for wages and salaries, including non-monetary benefits that are expected to be settled wholly within twelve months after the end of the period in which the employees render the related service are recognized in respect of employees'' services up to the end of the reporting period.

b) Other Long Term Employee Benefits

The liabilities for earned leaves that are not expected to be settled wholly within twelve months are measured as the present value (determined by actuarial valuation using the projected unit credit method) of the expected future payments to be made in respect of services provided by employees up to the end of the reporting period and recognised in books of accounts. The present value of the defined benefit plan liability is calculated using a discount rate which is determined by reference to market yields at the end of the reporting period on government bonds. Re-measurements as the result of experience adjustment and changes in actuarial assumptions are recognized in standalone statement of profit and loss.

51 EMPLOYEE BENEFITS (Contd.)

c) Post-Employment Benefits

The Company operates the following post-employment schemes:

i) Defined Benefit Plan

The liability or asset recognized in the Balance Sheet in respect of defined benefit plans is the present value of the defined benefit obligation at the end of the reporting period less the fair value of plan assets. The Company''s net obligation in respect of defined benefit plans is calculated by estimating the amount of future benefit that employees have earned in the current and prior periods.

The defined benefit obligation is calculated annually by Actuaries using the projected unit credit method. The liability recognized for defined benefit plans is the present value of the defined benefit obligation at the reporting date less the fair value of plan assets, together with adjustments for unrecognized actuarial gains or losses and past service costs. Net interest is calculated by applying the discount rate at the beginning of the period to the net defined benefit liability or asset. Past service cost is recognised in the standalone statement of profit and loss in the period of a plan amendment. The present value of the defined benefit plan liability is calculated using a discount rate which is determined by reference to market yields at the end of the reporting period on government bonds. Re-measurement, comprising actuarial gains and losses, the effect of the changes to the asset ceiling (if applicable) and the return on plan assets (excluding net interest), is reflected immediately in the Balance Sheet with a charge or credit recognised in Other Comprehensive Income (OCI) in the period in which they occur. Re-measurement recognised in OCI is reflected immediately in retained earnings and will not be reclassified to standalone statement of profit and loss.

The Company contributes to fund maintained with Life Insurance Corporation of India.

ii) Defined Contribution Plan

Retirement benefit in the form of provident fund is a defined contribution scheme. The Company has no obligation other than the contribution payable to the Provident fund. Contribution payable under the provident fund is recognised as expenditure in the standalone statement of profit and loss and/or carried to Construction work-in-progress when an employee renders the related service.

(B) Defined Benefit Plan :

Post employment and other long term employee benefits in the form of gratuity and leave encashment are considered as defined benefit obligation. The employees’ gratuity fund scheme managed by Life Insurance Corporation of India is a defined benefit plan. The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method, which recognizes each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation. Under the PUC method a "projected accrued benefit" is calculated at the beginning of the year and again at the end of the year for each benefit that will accrue for all active members of the Plan. The "projected accrued benefit" is based on the Plan''s accrual formula and upon service as of the beginning or end of the year, but using a member''s final compensation, projected to the age at which the employee is assumed to leave active service. The Plan liability is the actuarial present value of the "projected accrued benefits" as of the beginning of the year for active members.

51 EMPLOYEE BENEFITS (Contd.)

Liability for leave payable at the time of retirement has been recognized on actuarial basis.

The defined benefit obligation calculated as on 31st March, 2024 is based on the existing salary definition (Basic DA) and the

impact of the new definition of Wages under the proposed Code on Wages, 2019 issued by the Government of India has not been

considered since the applicable date for Code of Wages has not yet been notified by the Government.

Risk Exposure:

Defined Benefit Plans expose the Company to actuarial risks such as: Interest Rate Risk, Salary Risk, Demographic Risk and

Regulatory risk.

(a) Interest rate risk : The defined benefit obligation calculated uses a discount rate based on government bonds. If bond yields fall, the defined benefit obligation will tend to increase.

(b) Salary risk : Higher than expected increases in salary will increase the defined benefit obligation.

(c) Demographic risk : This is the risk of variability of results due to unsystematic nature of decrements that include mortality, withdrawal, disability and retirement. The effect of these decrements on the defined benefit obligation is not straight forward and depends upon the combination of salary increase, discount rate and vesting criteria. It is important not to overstate withdrawals because in the financial analysis the retirement benefit of a short career employee typically costs less per year as compared to a long service employee.

(d) Regulatory Risk : Gratuity benefit is paid in accordance with the requirements of the Payment of Gratuity Act , 1972 (as amended from time to time). There is a risk of change in regulations requiring higher gratuity payouts (e.g. Increase in the maximum limit on gratuity from H 1 million to H 2 million). An upward revision of maximum gratuity limit will result in gratuity plan obligation.

Derivative Financial Instrument

The Company uses derivative financial instruments such as forward, swap, options etc. to hedge against interest rate and foreign exchange rate risks, including foreign exchange fluctuation related to highly probable forecast sale. The realized gain / loss in respect of hedged foreign exchange contracts which has expired / unwinded during the year are recognized in the standalone statement of profit and loss and included in other operating revenue / other expense as the case may be. However, in respect of foreign exchange forward contracts period of which extends beyond the balance sheet date, the fair value of outstanding derivative contracts is marked to market and resultant net loss/gain is accounted in the standalone statement of profit and loss. Company does not hold derivative financial instruments for speculative purposes.

Derivatives and Hedge Accounting

Derivatives are initially recognised at fair value and are subsequently remeasured to their fair value at the end of each reporting period. The resulting gains / losses are recognised in Statement of Profit and Loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of recognition in profit or loss / inclusion in the initial cost of non-financial asset depends on the nature of the hedging relationship and the nature of the hedged item. The Company complies with the principles of hedge accounting where derivative contracts are designated as hedge instruments. At the inception of the hedge relationship, the Company documents the relationship between the hedge instrument and the hedged item, along with the risk management objectives and its strategy for undertaking hedge transaction, which is a cash flow hedge.

Cash Flow Hedge

The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognised in the other comprehensive income and accumulated as ‘Cash Flow Hedging Reserve''. The gains / losses relating to the ineffective portion are recognised in the Statement of Profit and Loss. Amounts previously recognised and accumulated in other comprehensive income are reclassified to profit or loss when the hedged item affects the Statement of Profit and Loss. However, when the hedged item results in the recognition of a non- financial asset, such gains / losses are transferred from equity (but not as reclassification adjustment) and included in the initial measurement cost of the non- financial asset. Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, or exercised, or when it no longer qualifies for hedge accounting. Any gains /losses recognised in other comprehensive income and accumulated in equity at that time remain in equity and is reclassified when the underlying transaction is ultimately recognised. When an underlying transaction is no longer expected to occur, the gains / losses accumulated in equity are recognised immediately in the Statement of Profit and Loss.

The Company''s principal financial liabilities other than derivatives comprise long-term and short-term borrowings, capital creditors and trade and other payables. The main purpose of these financial liabilities is to finance the Company''s operations. The Company''s principal financial assets other than derivatives include trade and other receivables, cash and cash equivalents and deposits that derive directly from its operation.

The Company is exposed to market, credit, liquidity and regulatory risks. The Company''s senior management oversees the management of these risks. The Board of Directors reviews and agrees policies for managing each of these risks, which are summarised below :

(A) Market risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three types of risk: commodity risk, interest rate risk and foreign currency risk.

(a) Commodity Price Risk

Company is affected by the price volatility of certain commodities, primarily, Steel, Zinc and PVC Resin. Its operating activities require the on-going purchase of these materials. The company has arrangement to pass-through the increase/decrease in steel and Zinc price through price variance clause in majority of the contract. Resin price is primarily dependent on Crude Oil prices. There is a certain residual risk carried by the Company that cannot be hedged against. The company effectively

52 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (Contd.)

manages deals with availability of material as well as price volatility by widening its sourcing base, thorugh well planned procurement & inventory strategy and prudent hedging policy on foreign currency exposure.

(b) Foreign Currency Risk

Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The Company''s exposure to the risk of changes in foreign exchange rate relates primarily to the Company''s operating activities (when revenue or expense is denominated in a foreign currency). Further, the Company has foreign currency risk on import of input materials, capital commitment and also borrow funds in foreign currency for its business. The Company evaluates the impact of foreign exchange rate fluctuations by assessing its exposure to exchange rate risks. Certain transactions of the Company act as a natural hedge as a portion of both assets and liabilities are denominated in similar foreign currencies, for the remaining exposers to foreign exchange risks, the Company adopts a policy of selective hedging based on risk perception of management using derivative, whenever required, to mitigate or eliminate the risks.

(c) Interest Rate risk

The Company is exposed to interest rate risk on financial liabilities such as borrowings, both short-term and long-term. It maintains a balance of fixed and floating interest rate borrowings and the proportion is determined by current market interest rates, projected debt servicing capability and view on future interest rates.

For details of the Company''s short-term and long-term borrowings, including interest rate profiles, refer to note 16.04 and 22.02 of this Ind AS financial statements.

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the Company''s receivables from customers.

Trade Receivables

The Company''s exposure to credit risk is influenced mainly by the individual characteristics of each customer. The demographics of the customer, including the default risk of the industry and country in which the customer operates, also has an influence on credit risk assessment. Credit risk is managed through credit approvals, establishing credit limits and continuously monitoring the creditworthiness of customers to which the Company grants credit terms in the normal course of business.

The Company has used a practical expedient by computing the expected credit loss allowance for trade receivables based on a provision matrix. The provision matrix takes into account historical credit loss experience and adjusted for forward-looking information. The expected credit loss allowance is based on the ageing of the days the receivables are due and the rates as given in the provision matrix. The provision matrix at the end of the reporting period is as follows:

The Company performance may be impacted due to change in Regulatory Environment. The Company is closely monitoring the regulatory developments and risks thereof and proactively implementing course correction for proper compliance commensurate with new regulatory requirements.

53 Capital Management

The Company''s objective to manage its capital is to ensure continuity of business while at the same time provide reasonable returns to its various stakeholders but keep associated costs under control. In order to achieve this, requirement of capital is reviewed periodically with reference to operating and business plans that take into account capital expenditure and strategic investments. The Company manages its capital structure and makes adjustments in light of changes in economic conditions and the requirements of the financial covenants. Apart from internal accrual, sourcing of capital is done through judicious combination of equity and borrowing, both short term and long term. The Company is not subject to any externally imposed capital requirements. The Company monitors capital using a debt equity ratio.

56 LOANS AND ADVANCES (REPAYABLE ON DEMAND OR WITHOUT SPECIFYING ANY TERMS OR PERIOD OF REPAYMENT) TO SPECIFIED PERSON

During the year ended 31st March, 2024, the Company did not provide any loans or advances, which remains outstanding (repayable on demand or without specifying any terms or period of repayment ) to specified persons. (Previous Year: Nil).

57 RELATIONSHIP WITH STRUCK OFF COMPANIES

The company do not have any transactions with company''s struck off under Section 248 of the Companies Act, 2013 or Section 560 of the Companies Act, 1956 during the year ended 31st March, 2024 (Previous year: Nil).

58 DISCLOSURE IN RELATION TO UNDISCLOSED INCOME

The Company do not have any undisclosed income disclosed or surrendered during the year ended 31st March, 2024. During the previous year ended 31st March, 2023, the company has disclosed income amounting to H 5.6 million in the tax assessment under the Income Tax Act, 1961 pursuant to search & survey conducted by Income Tax Department. The same was recorded in the books of accounts during the previous year.

59 DETAILS OF BENAMI PROPERTY HELD

The Company do not hold any property under Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder, hence there are no proceedings against the company for the year ended 31st March, 2024 and also for the year ended 31st March, 2023.

60 REGISTRATION OF CHARGES OR SATISFACTION WITH REGISTRAR OF COMPANIES (ROC)

The Company do not have any charges or satisfaction, which are yet to be registered with ROC beyond the statutory period, during the year ended 31st March, 2024 and also during the year ended 31st March, 2023.

61 DETAILS OF CRYPTO CURRENCY OR VIRTUAL CURRENCY

The company have not traded or invested in crypto currency or virtual currency during the year ended 31st March, 2024 and also during the year ended 31st March, 2023.

62 The Company has not been declared wilful defaulter by any bank or financial institution or any government or any government authority during the current year and previous financial year.

63 UTILISATION OF BORROWED FUND AND SHARE PREMIUM

The company have not advanced or loaned or invested funds to any other person(s) or entity (ies), including foreign entities (intermediaries) with the understanding that the intermediary shall: (a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the company (ultimate beneficiaries) or (b) provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries.

The company have not received any fund from any person(s) or entity(ies), including foreign entities (funding party) with the understanding (whether recorded in writing or otherwise) that the company shall: (a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the funding party (ultimate beneficiaries) or (b) provide any guarantee, security or the like on behalf of the ultimate beneficiaries.

64 RIGHT ISSUE OF EQUITY SHARES

The Board of Directors of the Company (‘the Board'') at its meeting held on 16th August 2023 had approved raising of funds by way of an issue of equity shares through rights issue (“Rights Issue”). Further, the Rights Issue Committee as constituted by the Board, at its meeting held on 8th January 2024 & 17th January, 2024 has approved various terms of the Issue and the Letter of Offer for issue of 1,02,67,021 equity shares of face value of H 1 each at a price of H 194/- per Equity Share (including premium of H 193 per Equity Share), in the ratio of 1 Equity Shares for every 10 existing fully-paid equity shares held by the eligible equity shareholders as on the record date i.e. 12th January 2024. The issue period was from 30th January, 2024 to 8th February, 2024.

On 19th February, 2024, the Rights Issue Committee as constituted by the Board of the Company approved allotment of 1,02,67,021 partly paid-up Equity Shares at an issue price of H 194 per Equity Shares [(including premium of H 193 per Equity Shares) of which H 48.50 per equity Shares has been received on application ( H 0.25 has been paid-up on application as share capital and H 48.25 as a premium per equity shares)], to eligible equity shareholders.

EPS of previous periods has been restated on account of Right Issue of Equity Shares during the current year, in compliance with the Indian Accounting Standards (Ind-AS).

65 Balances of certain debtors and creditors are subject to confirmation and reconciliation. In the opinion of the management, current assets, loan and advances will have value on realization in the ordinary course of business at least equal to the amount at which they are stated.

66 The Indian Parliament has approved the Code on Social Security, 2020 which would impact contribution by the company towards Provident Fund and Gratuity. The Ministry of Labour and Employment has released draft rules for the Code on Social Security, 2020 on November 13 2020, and has invited suggestions from stakeholders which are under active consideration by the Ministry. The Company will assess the impact of the Code when it comes into effect and will record any related impact in the period when the Code become effective.

70 The Company has used accounting software for maintaining its books of account which has a feature of recording audit trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded in the software, except that audit trail feature is not enabled at the database level but was activated subsequent to balance sheet date. Further there is no instance of audit trail feature being tampered with.

71 The management has evaluated all activity of the Company till 2nd May, 2024 and conclude that there ware no additional subsequent event required to be reflected in the Company''s financial statements.

72 Previous year/period figures have been re-grouped / re-classified wherever necessary, to conform to current period''s classification. Notes forming part of standalone financial statements 1-72

As per our report annexed For and on behalf of the Board

For Singhi & Co.

Chartered Accountants Firm''s Regn No.-302049E

RAHUL BOTHRA SAJAN KUMAR BANSAL DEVESH BANSAL

Partner Managing Director Director

Membership No. 067330 DIN - 00063555 DIN - 00162513

Place: Kolkata SHIV SHANKAR GUPTA ANU SINGH

Dated: 02-05-2024 Chief Financial Officer Company Secretary

---

Mar 31, 2023

2.03 All the immovable properties as contained in "Property, Plant & Equipment " are held by the Company in its own name during the year ended 31^st March, 2023 and also for the year ended 31^st March, 2022. Assets pledged and hypothecated against Borrowings. (Refer Note 15 & 21)

204 The Company has not revalued its Property, Plant & Equipment (including Right-Of-Use assets) and Intangible assets during the year ended 31^st March, 2023 and 31^st March, 2022.

2.06 All the projects in progress as on 31^st March, 2023 and as on 31^st March, 2022, are being executed as per schedule and is not overdue in terms of target completion time. Further, cost of these projects has not exceeded the cost as per its original plan.

3.01 The Company had executed a Limited Liability Partnership Agreement with Metzerplas Cooperative Agricultural Organisation Ltd (an agriculture cooperative incorporated in Israel) dated 14^th February 2018, to jointly carry out business activities in the field of micro-irrigation within the framework of joint-venture. Pursuant to this, an LLP was incorporated on 9^th March, 2018, wherein the Company holds 50% partnership Interest.

13.02 Rights, Preferences and Restrictions attached to Equity Shares:

The Company has one class of equity shares having a par value of H 1 per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

13.04 The Company does not have any Holding Company.

13.05 The Shareholders of the Company approved the Employee Stock Options Plan 2015 ("ESOP 2015") for issue of Option not exceeding 2000000 (Two million) options to its permanent employees (including a Director, whether whole time or not but excluding independent directors) of the Company, working in India. There were NIL outstanding options at the beginning and at the end of the year and no options were granted, cancelled/forfeited, exercised or expired during the year.

13.06 None of the securities are convertible into shares at the end of the reporting period.

13.07 The Company during the preceding 5 years -

(a) Has not allotted shares pursuant to contracts without payment received in cash.

(b) Has not issued shares by way of bonus shares.

(c) Has not bought back any shares.

13.08 There are no calls unpaid by Directors / Officers.

13.09 The Company has not forfeited any shares.

14.05 The description of the nature and purpose of each reserve within equity is as follows:

(a) Securities Premium Reserve: The Reserve represents the premium on issue of shares and can be utilised in accordance with the provisions of the Companies Act, 2013.

(b) General Reserve: The Reserve is created by an appropriation from one component of equity (generally retained earnings) to another, not being an item of Other Comprehensive Income. The same can be utilised by the company in accordance with the provisions of the Companies Act, 2013.

(c) Retained Earnings: This reserve represents the cumulative profits of the Company and effects of re-measurement of defined benefit obligations. This reserve can be utilised in accordance with the provisions of the Companies Act 2013.

(d) Other Reserves:

(i) Item of other Comprehensive Income (Re-Measurement of defined benefit plans): Re-measurement, comprising actuarial gains and losses, the effect of the changes to the asset ceiling (if applicable) and the return on plan assets (excluding net interest), is reflected immediately in the Balance Sheet with a charge or credit recognised in Other Comprehensive Income (OCI) in the period in which they occur. Re-measurement recognised in OCI is reflected immediately in retained earnings and will not be reclassified to Statement of Profit and Loss.

(ii) Item of other Comprehensive Income (Effective portion of cash flow hedge): The Company uses hedging instruments as part of its risk management policy for foreign currency risk [refer note no 16(d) of significant accounting policies]. The Cash Flow hedging reserve is used to recognise the effective portion of gain or loss on designated hedging relationship.

21.01 Working Capital (including Buyer''s Credit) are secured by first charge on current assets and second charge on fixed assets of Jangalpur, Uluberia & Guwahati (Unit 1 & 2) and also by personal guarantees of some of the directors of the Company.

21.02 Interest on working Capital Facilities from banks carries interest ranging from 6.95% to 9.30% per annum; Packing Credit from Banks bears interest 1.16% to 6.06% per annum; Buyer''s Credit from Banks bears interest between 0.59% to 6.09% per annum.

21.03 The Company has not availed borrowings based on the security of current assets of any Group Company.

36.02 The Company has made an assessment of the impact of The Taxation Laws (Amendment) Act 2019 (''the Act'') and decided to continue with the existing tax structure until the utilisation of MAT credit entitlement, tax incentives and deductions available to the Company. In compliance with the accounting standards, the Company is calculating the deferred tax liabilities at existing tax rate of 30% on liabilities and assets which are expected to cease by the date of transition and at lower tax rate u/s 115BAA of Income Tax Act on liabilities and assets which are expected to remain post-transition date.

39 CONTINGENT LIABILITIES NOT PROVIDED IN RESPECT OF 39.01 Claims against the Company not acknowledged as debt, disputed taxes/ duties are as follows:-			(H in million)
Nature of Contingent Liability	Authorities before which matter is pending and year of dispute	As at 31-Mar-23	As at 31-Mar-22
Demand notices issued by Central Excise Department	The matter is pending with Commissioner(A) /CESTAT. (Related to year: 2005-06, 2007-08, 2009-10 to 2012-13 & 2017-18) [Paid L 10.39 million (Previous Year: H 10.39 million )]	60.29	60.29
Demand notices issued by Service Tax Department	The matter is pending with Commissioner(A) / CESTAT (Related to year: 2007-08, 2009-10 to 2012-13) [Paid L 0.73 million (Previous Year: H 0.73 million)]	33.89	33.89
Demand notices issued by Directorate of Revenue Intelligence	The matter is pending with DRI (Related year: 2015-16) [Paid L 0.95 million (Previous Year: H 0.95 million)]	25.58	25.58
CST Demand issued by Assessing Authority	The matter is pending with Joint Commissioner- Commercial Taxes /Senior Joint Commissioner/ WB Commercial Taxes Appellate & Revisional Board (Related to year: 2006-07, 2016-17 & 2017-18) [Paid L 0.98 million (Previous Year: H 1.15 million)]	0.98	11.84
GST Demand issued by Assessing Authority	The matter is pending with Commissioner SGST & CX/ Joint Commissioner of State Tax(Appeals) (Related to year: 2018-19, 2017-18 & 2022-23 ) [Paid L 0.90 million (Previous Year: H 0.35 million)]	1.62	1.07
Sales Tax/VAT demands issued by Assessing Authority	The matter is pending with Senior Joint Commissioner/ Additional Commissioner-Commercial Taxes/ WB Commercial Taxes Appellate & Revisional Board (Related to year: 2009-10, 2015-16 & 2017-18) [Paid L Nil million (Previous Year: H 0.01 million)]	50.82	50.94

39.02 The Company does not expect any reimbursements in respect of the above contingent liability.

39.03 It is not practicable to estimate the timing of cash outflows, if any, in respect of matters at pending resolution of the appellate proceedings.

40 Estimated amount of contracts pending execution on capital account net of advances of L 61.19 million (Previous Years: H 25.69 million) and not provided for is L 192.53 million (Previous Years: H 89.65 million).

41 The Company has given Corporate Guarantee of L480.00 million (Previous Years: H 480.00 million) to a Bank for arranging credit facility for its Joint Venture and has received a Bank Guarantee from its Joint Venture Partner for L 197.00 million (Previous Years: H 178.00 million) as collateral. Borrowings outstanding in the books of account of the Joint Venture from this credit facility is L 268.93 million (Previous Years: H 251.89 million).

42 EVENT OCCURRING AFTER BALANCE SHEET

The dividend declared by the Company is based on profits available for distribution as reported in the financial statements of the Company. On 15^th May, 2023, the Board of Directors of the Company has proposed a dividend of L 0.10 per equity share of H 1 each (previous year: H 0.10 per equity share) in respect of the year ended 31^st March, 2023, subject to the approval of shareholders at the Annual General Meeting. If approved, the dividend would result in a cash outflow of approximately H 10.27 million.

43 As per Section 135 of the Companies Act, 2013, a CSR committee has been formed by the company. The disclosure in respect of CSR Expenditure during the year as aligned with the CSR Policy of the Company which is in line with the activities specified in Schedule VII of the Companies Act, 2013 is as under:

45 LEASESLease commitments

45.01 The Company has lease contracts for certain items of office premises and land. The Company''s obligations under leases are secured by the lessor''s title to the leased assets.

45.02 Applied a single discount rate to a portfolio of leases of similar assets in similar economic environment with a similar end date.

45.03 Applied the exemption not to recognise right-of-use assets and liabilities for leases with less than 12 months of lease term on the date of initial application.

45.04 Excluded the initial direct costs from the measurement of the right-of-use asset at the date of initial application.

45.05 Set out below are the carrying amounts of lease liabilities included under financial liabilities and right to use asset included in Property, Plant and Equipment and the movements during the year.

46.1 Remuneration paid to directors represents short-term employee benefits and does not includes any long-term employee benefits post retirement.

46.2 Advance against salary given to directors, is as per the company''s policy for its employees.

(C) Information about major customers

During the year there is no revenue from a single domestic & export customers (Previous Year: Nil ), which is more than 10% of the Company''s total revenue.

(D) Other disclosures

( i) The Operating Segments have been reported in a manner consistent with the internal reporting and evaluation by

Chief Operating Decision Maker (CODM).

(ii) The business segment comprise the following :

The Engineering Products segment which includes Towers, Tower Accessories, Fasteners, Angles, Channels, High Mast Poles, Swaged Poles, Scaffoldings, Solar Power Systems, Railway Structures etc.

The Infrastructure Projects segment which includes Horizontal Direct Drilling services and Engineering, Procurement & Construction services.

The Polymer Product segment which includes PVC, HDPE, CPVC, UPVC, SWR pipes & fittings and other related products.

Note:

FVTPL: Fair Value Through Profit & Loss

FVOCI: Fair Value Through Other Comprehensive Income

(B) Fair Value Measurement & Hierarchy

The fair values of the financial assets and liabilities is the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale.

The Company has established the following fair value hierarchy that categories the values into 3 heads. The inputs to valuation technique used to measure the fair value of the financial instruments are:

Level 1: Quoted prices (unadjusted ) in the active markets for identical assets or liabilities that the entity can access at the measurement date.

Level 2: Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly or indirectly i.e. fair value of financial instruments that are not traded in an active market is determined using valuation techniques which maximises the use of observable market data and rely as little as possible on Company specific estimates. If all the significant inputs required to fair value an instrument are observable, the instruments is included in level 2.

Level 3: Unobservable inputs forthe assets or liability i.e. ifone or more ofthe significant inputs is not based on observable market data, the instruments is included in level 3.

Note:

(a) Current financial assets and liabilities are stated as amortised cost which is approximately equal to their fair value.

(b) Non-current financial assets and liabilities measured at amortised cost have same fair value as at 31^st March, 2023 and 31^st March, 2022.

Valuation Techniques

The following methods and assumptions were used to estimate the fair values

Derivative assets/liabilities has been fair valued on Mark to Market valuation provided by Banks.

Changes in level 2 and level 3 fair values are analysed at each reporting period.

49 EMPLOYEE BENEFITS

Disclosure pursuant to Indian Accounting Standard (Ind AS) 19 - Employee Benefits are as under:

(A) Defined Contribution Plan :

The amount recognised as an expenses for the Defined Contribution Plans are as under:

(B) Defined Benefit Plan :

Post employment and other long term employee benefits in the form of gratuity and leave encashment are considered as defined benefit obligation. The employees'' gratuity fund scheme managed by Life Insurance Corporation of India is a defined benefit plan. The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method, which recognises each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation. Under the PUC method a "projected accrued benefit" is calculated at the beginning of the year and again at the end of the year for each benefit that will accrue for all active members of the Plan. The "projected accrued benefit" is based on the Plan''s accrual formula and upon service as of the beginning or end of the year, but using a member''s final compensation, projected to the age at which the employee is assumed to leave active service. The Plan liability is the actuarial present value of the "projected accrued benefits" as of the beginning of the year for active members.

Liability for leave payable at the time of retirement has been recognised on actuarial basis.

The defined benefit obligation calculated as on 31^st March, 2023 is based on the existing salary definition (Basic DA) and the impact of the new definition of Wages under the proposed Code on Wages, 2019 issued by the Government of India has not been considered since the applicable date for Code of Wages has not yet been notified by the Government.

Risk Exposure:

Defined Benefit Plans expose the Company to actuarial risks such as: Interest Rate Risk, Salary Risk, Demographic Risk and Regulatory risk.

(a) Interest rate risk: The defined benefit obligation calculated uses a discount rate based on government bonds. If bond yields fall, the defined benefit obligation will tend to increase.

(b) Salary risk: Higher than expected increases in salary will increase the defined benefit obligation.

(c) Demographic risk: This is the risk of variability of results due to unsystematic nature of decrements that include mortality, withdrawal, disability and retirement. The effect of these decrements on the defined benefit obligation is not straight forward and depends upon the combination of salary increase, discount rate and vesting criteria. It is important not to overstate withdrawals because in the financial analysis the retirement benefit of a short career employee typically costs less per year as compared to a long service employee.

(d) Regulatory Risk: Gratuity benefit is paid in accordance with the requirements of the Payment of Gratuity Act, 1972 (as amended from time to time). There is a risk of change in regulations requiring higher gratuity payouts (e.g. Increase in the maximum limit on gratuity from H 1 million to H 2 million). An upward revision of maximum gratuity limit will result in gratuity plan obligation.

The following tables summarises the components of net benefit expense recognised in the statement of profit and loss and the funded status and amounts recognised in the balance sheet for the Post-retirement benefit plans.

"These Sensitivities have been calculated to show the movement in defined benefit obligation in isolation and assuming there are no other changes in market conditions at the accounting date. There have been no changes from the previous periods in the methods and assumptions used in preparing the sensitivity analysis.

(xii) Salary Escalation Rate:

The estimates of rate of escalation in salary considered in actuarial valuation, takes into account inflation, seniority, promotion and other relevant factors including supply and demand in the employment market.

50 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

The Company''s principal financial liabilities other than derivatives comprise long-term and short-term borrowings, capital creditors and trade and other payables. The main purpose of these financial liabilities is to finance the Company''s operations. The Company''s principal financial assets other than derivatives include trade and other receivables, cash and cash equivalents and deposits that derive directly from its operation.

The Company is exposed to market, credit, liquidity and regulatory risks. The Company''s senior management oversees the management of these risks. The Board of Directors reviews and agrees policies for managing each of these risks, which are summarised below:

(A) Market risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three types of risk: commodity risk, interest rate risk and foreign currency risk.

(a) Commodity Price Risk

Company is affected by the price volatility of certain commodities, primarily, Steel, Zinc and PVC Resin. Its operating activities require the on-going purchase of these materials. The company has arrangement to pass-through the increase/decrease in steel and Zinc price through price variance clause in majority of the contract. PVC resin being not a material item, hence price sensitivity is not disclosed.

(b) Foreign Currency Risk

Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The Company''s exposure to the risk of changes in foreign exchange rate relates primarily to the Company''s operating activities (when revenue or expense is denominated in a foreign currency). Further, the Company has foreign currency risk on import of input materials, capital commitment and also borrow funds in foreign currency for its business. The Company evaluates the impact of foreign exchange rate fluctuations by assessing its exposure to exchange rate risks. Certain transactions of the Company act as a natural hedge as a portion of both assets and liabilities are denominated in similar foreign currencies, for the remaining exposers to foreign exchange risks, the Company adopts a policy of selective hedging based on risk perception of management using derivative, whenever required, to mitigate or eliminate the risks.

Hedges of foreign currency risk and derivative financial instruments

The Company has established risk management policies to hedge the volatility in cashflows arising from exchange rate fluctuations in respect of firm commitments and highly probable forecast transactions, through foreign exchange forward, futures and options contracts. The proportion of forecast transactions that are to be hedged is decided based on the size of the forecast transaction and market conditions. As the counterparty for such transactions are highly rated banks, the risk of their non-performance is considered to be insignificant. The Company uses derivatives to hedge its exposure to foreign exchange rate fluctuations. Where such derivatives are not designated under hedge accounting, changes in the fair value of such hedges are recognised in the Statement of Profit and Loss. The Company may also designate certain hedges which are entered to manage the volatility in cashflows as a cash flow hedge under hedge accounting. The currency, amount and tenure of such hedges are generally matched to the underlying transaction(s). Changes in the fair value of the effective portion of cash flow hedges are recognised as cash flow hedging reserve in Other Comprehensive Income. While the probability of such hedges becoming ineffective is very low, the ineffective portion, if any, is immediately recognised in the Statement of Profit and Loss.

(c) Interest Rate risk

The Company is exposed to interest rate risk on financial liabilities such as borrowings, both short-term and long-term. It maintains a balance of fixed and floating interest rate borrowings and the proportion is determined by current market interest rates, projected debt servicing capability and view on future interest rates.

For details of the Company''s short-term and long-term borrowings, including interest rate profiles, refer to note 15.04 and 21.02 of this Ind AS financial statements.

(B) Liquidity Risks

The Company determines its liquidity requirement in the short, medium and long term. Its objective is to maintain optimum levels of liquidity to meet its cash and collateral requirements at all times. The Company relies on a mix of borrowings and excess operating cash flows to meet its needs for funds. The current committed lines of credit are sufficient to meet its short to medium/ long term expansion needs. The Company monitors rolling forecasts of its liquidity requirements to ensure it has sufficient cash to meet operational needs.

(C) Credit Risks

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the Company''s receivables from customers.

Trade Receivables

The Company''s exposure to credit risk is influenced mainly by the individual characteristics of each customer. The demographics of the customer, including the default risk of the industry and country in which the customer operates, also has an influence on credit risk assessment. Credit risk is managed through credit approvals, establishing credit limits and continuously monitoring the creditworthiness of customers to which the Company grants credit terms in the normal course of business.

The Company has used a practical expedient by computing the expected credit loss allowance for trade receivables based on a provision matrix. The provision matrix takes into account historical credit loss experience and adjusted for forward-looking information. The expected credit loss allowance is based on the ageing of the days the receivables are due and the rates as given in the provision matrix. The provision matrix at the end of the reporting period is as follows:

(D) Regulatory Risks

The Company performance may be impacted due to change in Regulatory Environment. The Company is closely monitoring the regulatory developments and risks thereof and proactively implementing course correction for proper compliance commensurate with new regulatory requirements.

51 CAPITAL MANAGEMENT

The Company''s objective to manage its capital is to ensure continuity of business while at the same time provide reasonable returns to its various stakeholders but keep associated costs under control. In order to achieve this, requirement of capital is reviewed periodically with reference to operating and business plans that take into account capital expenditure and strategic investments. The Company manages its capital structure and makes adjustments in light of changes in economic conditions and the requirements of the financial covenants. Apart from internal accrual, sourcing of capital is done through judicious combination of equity and borrowing, both short term and long term. The Company is not subject to any externally imposed capital requirements. The Company monitors capital using a debt equity ratio.

51.01 I n order to achieve this overall objective, the Company''s capital management, amongst other things including working capital management, aims to ensure that it meets financial covenants attached to the interest-bearing loans and borrowings that define capital structure requirements. Breaches in meeting the financial covenants would permit the bank to immediately call loans and borrowings. There have been no breaches in the financial covenants of any interest bearing loans and borrowings in the current period.

52 The Company has a dedicated R&D Centre located at Vill. & Post Barunda, PS. Bagnan, Dist. Howrah and recognised by Department of Scientific and Industrial Research (DSIR), Government of India.

54 LOANS AND ADVANCES (REPAYABLE ON DEMAND OR WITHOUT SPECIFYING ANY TERMS OR PERIOD OF REPAYMENT) TO SPECIFIED PERSON

During the year ended 31^st March, 2023, the Company did not provide any loans or advances, which remains outstanding (repayable on demand or without specifying any terms or period of repayment ) to specified persons. (Previous Year: Nil).

55 RELATIONSHIP WITH STRUCK OFF COMPANIES

The company do not have any transactions with company''s struck off under Section 248 of the Companies Act, 2013 or Section 560 of the Companies Act, 1956 during the year ended 31^st March, 2023 (Previous year: Nil).

56 DISCLOSURE IN RELATION TO UNDISCLOSED INCOME

During the year ended 31^st March, 2023, the company has disclosed income amounting to J 5.6 million in the tax assessment under the Income Tax Act, 1961 pursuant to search & survey conducted by Income Tax Department. The same has now been recorded in the books of accounts. There was no such undisclosed income disclosed or surrendered during the year ended 31^st March, 2022.

57 DETAILS OF BENAMI PROPERTY HELD

The Company do not hold any property under Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder, hence there are no proceedings against the company for the year ended 31^st March, 2023 and also for the year ended 31^st March, 2022.

58 REGISTRATION OF CHARGES OR SATISFACTION WITH REGISTRAR OF COMPANIES (ROC)

The Company do not have any charges or satisfaction, which are yet to be registered with ROC beyond the statutory period, during the year ended 31^st March, 2023 and also during the year ended 31^st March, 2022.

59 DETAILS OF CRYPTO CURRENCY OR VIRTUAL CURRENCY

The company have not traded or invested in crypto currency or virtual currency during the year ended 31^st March, 2023 and also during the year ended 31^st March, 2022.

60 The Company has not been declared wilful defaulter by any bank or financial institution or any government or any government authority during the current year and previous financial year.

61 UTILISATION OF BORROWED FUND AND SHARE PREMIUM

The company have not advanced or loaned or invested funds to any other person(s) or entity (ies), including foreign entities (intermediaries) with the understanding that the intermediary shall: (a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the company (ultimate beneficiaries) or (b) provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries.

The company have not received any fund from any person(s) or entity(ies), including foreign entities (funding party) with the understanding (whether recorded in writing or otherwise) that the company shall: (a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the funding party (ultimate beneficiaries) or (b) provide any guarantee, security or the like on behalf of the ultimate beneficiaries.

62 Balances of certain debtors and creditors are subject to confirmation and reconciliation. In the opinion of the management, current assets, loan and advances will have value on realisation in the ordinary course of business at least equal to the amount at which they are stated.

63 Previous year/period figures have been re-grouped / re-classified wherever necessary, to conform to current period''s classification.

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Mar 31, 2018

1. Estimated amount of contracts pending execution on capital account net of advances of Rs, 24.87 million (Previous Years: 31^st March, 2017: Rs,149.99 million, 1^st April, 2016: Rs, 21.78 millions) and not provided for is Rs, 74.17 million (Previous Years: 31^st March, 2017: Rs, 98.03 million, 1^st April, 2016: Rs, 90.50 million).

2. As per Section 135 of the Companies Act, 2013, a CSR committee has been formed by the company. The disclosure in respect of CSR Expenditure during the year as aligned with the CSR Policy of the Company which is in line with the activities specified in Schedule VII of the Companies Act, 2013 is as under:

3. The information regarding amounts due to creditors registered under the Micro, Small and Medium Enterprises Development Act, 2006, has been given to the extent available with the Company. The required disclosures of outstanding dues of micro, small & medium enterprises are as under:

4. EMPLOYEE BENEFITS

Disclosure pursuant to Indian Accounting Standard (Ind AS) 19 - Employee Benefits are as under :

A. Defined Contribution Plan :

The amount recognised as an expenses for the Defined Contribution Plans are as under :

B. Defined Benefit Plan :

Post-employment and other long term employee benefits in the form of gratuity and leave encashment are considered as defined benefit obligation. The employees'' gratuity fund scheme managed by Life Insurance Corporation of India is a defined benefit plan. The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method, which recognizes each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation. Under the PUC method a "projected accrued benefit" is calculated at the beginning of the year and again at the end of the year for each benefit that will accrue for all active members of the Plan. The "projected accrued benefit" is based on the Plan''s accrual formula and upon service as of the beginning or end of the year, but using a member''s final compensation, projected to the age at which the employee is assumed to leave active service. The Plan liability is the actuarial present value of the "projected accrued benefits" as of the beginning of the year for active members.

Liability for leave payable at the time of retirement has been recognized on actuarial basis.

Risk Exposure:

Defined Benefit Plans expose the Company to actuarial risks such as: Interest Rate Risk, Salary Risk, Demographic and Regulatory Risk.

(a) Interest rate risk : The defined benefit obligation calculated uses a discount rate based on government bonds. If bond yields fall, the defined benefit obligation will tend to increase

(b) Salary risk : Higher than expected increases in salary will increase the defined benefit obligation.

(c) Demographic risk : This is the risk of variability of results due to unsystematic nature of decrements that include mortality, withdrawal, disability and retirement. The effect of these decrements on the defined benefit obligation is not straight forward and depends upon the combination of salary increase, discount rate and vesting criteria. It is important not to overstate withdrawals because in the financial analysis the retirement benefit of a short career employee typically costs less per year as compared to a long service employee.

(d) Regulatory Risk : Gratuity benefit is paid in accordance with the requirements of the Payment of Gratuity Act, 1972 (as amended from time to time). There is a risk of change in regulations requiring higher gratuity payouts (e.g. Increase in the maximum limit on gratuity from Rs, 1 million to Rs, 2 million). An upward revision of maximum gratuity limit will result in gratuity plan obligation.

# These Sensitivities have been calculated to show the movement in defined benefit obligation in isolation and assuming there are no other changes in market conditions at the accounting date. There have been no changes from the previous periods in the methods and assumptions used in preparing the sensitivity analyses.

(xii) Salary Escalation Rate :

The estimates of rate of escalation in salary considered in actuarial valuation, takes into account inflation, seniority, promotion and other relevant factors including supply and demand in the employment market.

5. OPERATING LEASE

The Company has certain residential/commercial premises under cancelable operating leases, renewable with mutual consent on mutually agreeable terms. There are no restrictions imposed by lease agreements. The Company has taken certain land on operating lease for its manufacturing facilities. There is escalation clause in some of the lease agreement. There is a lock in clause ranging from 6 months to 36 months in certain lease agreement.

6 EVENT OCCURRING AFTER BALANCE SHEET

For the year ended 31^st March, 2018, the Board of Directors of the Company has recommended dividend of Rs, 1.65 per share (Previous Year: Rs, 1.55 per share) to equity shareholders aggregating to Rs, 204.05 million (Previous year: Rs, 190.88 million) including Dividend Distribution Tax.

7 EMPLOYEE SHARE-BASED PAYMENT Employee Stock Options Plan 2015 ("ESOP 2015")

On 7^th January, 2016, the Shareholders of the Company approved the Employee Stock Options Plan 2015 ("ESOP 2015") for issue of Option not exceeding 2000000 (Two million) options to its permanent employees (including a Director, whether whole time or not but excluding independent directors) of the Company, working in India. Each option when exercised would be converted into one Equity Share of Rs, 1/- (Rs, One) each fully paid-up. As per the plan, all the options granted on any date shall vest not earlier than 1(one) year and not later than a maximum of 6 (six) years from the date of grant of options. These options do not carry rights to dividends or voting rights till the date of exercise. The Shares issued upon exercise of Options shall be freely transferable and shall not be subject to any lock-in period restriction after such exercise, except as required by SEBI Regulations.

Under ESOP 2015, so far the Company has granted 1670000 options (Previous Year: 1185000 options) to its eligible employees, out of which 70000 options (Previous Year: 40000 options) has been cancelled.

The weighted average share price during the year of exercise was Rs, 243.01 per share (Previous Year: Rs, Nil per share) and weighted average remaining contractual life of the options for the share options outstanding as at 31^st March, 2018 was 8.10 years (Previous Year: 8.5 years).

Fair Valuation:

The fair value at grant date of stock option granted during the year ended 31^st March, 2018 was Rs, 147.51 (Previous Year: Rs, 79.85 ). The fair value has been carried out by an independent valuer by applying Black-Scholes Model. The key assumptions used in the Black Scholes model for calculating the fair value as on the date of grant are as given below:

The expected dividend is based on last year data and is not necessarily indicative. The expected volatility was determined based on the historical share price volatility over the past period depending on the life of the options granted which is indicative of future period and which may not necessarily be the actual price.

Effect of employee share-based payment transactions on profit or loss for the year and on financial position:

For the year ended 31^st March, 2018 the Company recognises total expenses of Rs, 40.83 million (Previous Year: Rs, 26.98 million ) related to equity settled share based transactions. During the year, the Company allotted 266500 fully paid-up equity shares of Rs, 1/- each of the Company (Previous Year: Nil ) on exercise of equity settled options for which the Company has realised Rs, 26.65 million (Previous Year: Rs, Nil ) as exercise price.

@ Non-current assets exclude financial instruments, deferred tax assets and employee benefit assets.

(C) Information about major customers

Total amount of revenues from customers (each exceeding 10% of total revenues of the Company) is Rs, 6,513.37 million (Previous Year: Rs, 5,272.36 million ) reported under engineering & infrastructure segment.

(D) Other disclosures

(i) The Operating Segments have been reported in a manner consistent with the internal reporting and evaluation by Chief Operating Decision Maker (CODM).

(ii) The business segment comprise the following :

The Engineering Products segment which includes Towers, Tower Accessories, Fasteners, Angles, Channels, Highmast Poles, Swaged Poles, Scaffoldings, Solar Power Systems etc.

The Infrastructure Projects segment which includes Horizontal Direct Drilling services and Engineering, Procurement & Construction services.

The Polymer Product segment which includes PVC, CPVC, UPVC, SWR pipes & fittings and other related products.

(iii) The geographical information considered for disclosure are : Sales within India and Sales outside India.

(iv) There are no inter-segment revenues.

8. RELATED PARTY DISCLOSURES

A. List of the related parties and relatives with whom transactions have taken place.

(1) Key Management Personnels.

(a) Mr. Sajan Kumar Bansal -Managing Director

(b) Mr. Sharan Bansal -Whole Time Director

(c) Mr. Devesh Bansal -Whole Time Director

(d) Mr. Siddharth Bansal -Whole Time Director

(e) Mr. Amit Kiran Deb -Independent Director

(f) Mr. Manindra Nath Banerjee -Independent Director

(g) Mr. Joginder Pal Dua -Independent Director

(h) Mrs. Mamta Binani -Independent Director

(i) Mr. Ashok Bhandari -Independent Director w.e.f. 06.09.2017 (j) Mr. Yash Pall Jain -Executive Director w.e.f. 06.09.2017

(2) Parties where key managerial personnel along with their relatives have significant influence.

(a) Skipper Realties Limited

(b) Skipper Telelink Limited

(c) Ventex Trade Private Limited

(d) Skipper Plastics Limited

(e) Suviksit Investments Limited

(f) Skipper Polypipes Private Limited

(g) Vaibhav Metals Private Limited

(h) Aakriti Alloys Private Limited

(i) Samriddhi Ferrous Private Limited (j) Utsav Ispat Private Limited

(k) Skipper Pipes Limited

(l) Sheo Bai Bansal Charitable Trust

(m) Skipper Foundation

(3) Relatives of key managerial personnel

(a) Mrs. Meera Bansal -Wife of Mr. Sajan Kumar Bansal

(b) Mrs. Sumedha Bansal -Wife of Mr. Sharan Bansal

(c) Mrs. Rashmi Bansal -Wife of Mr. Devesh Bansal

(d) Mrs. Shruti M Bansal -Wife of Mr. Siddharth Bansal

9. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

The Company''s principal financial liabilities other than derivatives comprise long-term and short-term borrowings, capital creditors and trade and other payables. The main purpose of these financial liabilities is to finance the Company''s operations. The Company''s principal financial assets other than derivatives include trade and other receivables, cash and cash equivalents and deposits that derive directly from its operation.

The Company is exposed to market, credit, liquidity and regulatory risks. The Company''s senior management oversees the management of these risks. The Board of Directors reviews and agrees policies for managing each of these risks, which are summarised below :

(A) Market risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises Three types of risk: commodity risk, interest rate risk and foreign currency risk.

(a) Commodity Price Risk

Company is affected by the price volatility of certain commodities, primarily, Steel, Zinc and PVC Resin. Its operating activities require the on-going purchase of these materials. The company has arrangement to pass through the increase/decrease in steel and Zinc price through price variance clause in majority of the contract. PVC resin being not a material item, hence price sensitivity is not disclosed.

(b) Foreign Currency Risk

Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The Company''s exposure to the risk of changes in foreign exchange rate relates primarily to the Company''s operating activities (when revenue or expense is denominated in a foreign currency). Further, the Company has foreign currency risk on import of input materials, capital commitment and also borrow funds in foreign currency for its business. The Company evaluates the impact of foreign exchange rate fluctuations by assessing its exposure to exchange rate risks. Certain transactions of the Company act as a natural hedge as a portion of both assets and liabilities are denominated in similar foreign currencies, for the remaining exposers to foreign exchange risks, the Company adopts a policy of selective hedging based on risk perception of management using derivative, whenever required, to mitigate or eliminate the risks.

(c) Interest Rate risk

The Company is exposed to interest rate risk on financial liabilities such as borrowings, both short-term and long-term. It maintains a balance of fixed and floating interest rate borrowings and the proportion is determined by current market interest rates, projected debt servicing capability and view on future interest rates.

For details of the Company''s short-term and long-term borrowings, including interest rate profiles, refer to note no. 15.9, 19.2 & 19.3 of this Ind AS financial statements.

Impact of increase/decrease in benchmark interest rates on the Company''s equity and statement of Profit and Loss for the year are as given below:

(B) Liquidity Risks

The Company determines its liquidity requirement in the short, medium and long term. Its objective is to maintain optimum levels of liquidity to meet its cash and collateral requirements at all times. The Company relies on a mix of borrowings and excess operating cash flows to meet its needs for funds. The current committed lines of credit are sufficient to meet its short to medium/ long term expansion needs. The Company monitors rolling forecasts of its liquidity requirements to ensure it has sufficient cash to meet operational needs.

(a) Financing Arrangement

The Company had access to the following available liquidity:

Undrawn limit has been calculated based on the available drawing power and sanctioned amount at each reporting date.

(C) Credit Risks

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the Company''s receivables from customers.

Trade Receivables

The Company''s exposure to credit risk is influenced mainly by the individual characteristics of each customer. The demographics of the customer, including the default risk of the industry and country in which the customer operates, also has an influence on credit risk assessment. Credit risk is managed through credit approvals, establishing credit limits and continuously monitoring the creditworthiness of customers to which the Company grants credit terms in the normal course of business.

The Company has used a practical expedient by computing the expected credit loss allowance for trade receivables based on a provision matrix. The provision matrix takes into account historical credit loss experience and adjusted for forward-looking information. The expected credit loss allowance is based on the ageing of the days the receivables are due and the rates as given in the provision matrix. The provision matrix at the end of the reporting period is as follows:

(D) Regulatory Risks

The Company performance may be impacted due to change in Regulatory Environment. The Company is closely monitoring the regulatory developments and risks thereof and proactively implementing course correction for proper compliance commensurate with new regulatory requirements.

10. CAPITAL MANAGEMENT

The Company''s objective to manage its capital is to ensure continuity of business while at the same time provide reasonable returns to its various stakeholders but keep associated costs under control. In order to achieve this, requirement of capital is reviewed periodically with reference to operating and business plans that take into account capital expenditure and strategic investments. The Company manages its capital structure and makes adjustments in light of changes in economic conditions and the requirements of the financial covenants. Apart from internal accrual, sourcing of capital is done through judicious combination of equity and borrowing, both short term and long term. The Company is not subject to any externally imposed capital requirements. The Company monitors capital using a debt equity ratio.

For the purpose of calculation:

Debt = Noncurrent borrowings Current Borrowings Current maturities of long term borrowings- Cash and Cash equivalent -Other Bank balances (excluding Unpaid Dividend Balance)

In order to achieve this overall objective, the Company''s capital management, amongst other things including working capital management, aims to ensure that it meets financial covenants attached to the interest-bearing loans and borrowings that define capital structure requirements. Breaches in meeting the financial covenants would permit the bank to immediately call loans and borrowings. There have been no breaches in the financial covenants of any interest bearing loans and borrowings in the current period.

11. FIRST TIME ADOPTION OF INDIAN ACCOUNTING STANDARD (Ind AS)

These financial statements, for the year ended 31 March 2018, are the first financial statements the Company has prepared in accordance with Ind AS. For periods up to and including the year ended 31 March 2017, the Company had prepared its financial statements in accordance with Companies (Accounting Standards) Rules, 2006 (as amended) notified under Section 133 of the Companies Act 2013 read with Rule 7 of Companies (Accounts) Rule, 2014 (hereinafter referred to as ''Previous GAAP'').

Accordingly, the Company has prepared financial statements which comply with Ind AS applicable for the year ended 31 March, 2018 and other accounting principles generally accepted in India, together with the comparative period data as at and for the year ended 31 March 2017, as described in the summary of significant accounting policies. In preparing these financial statements, the Company''s opening balance sheet was prepared as at 1 April, 2016, the Company''s date of transition to Ind AS.

This note explains the principal adjustments made by the Company in restating its financial statements prepared in accordance with previous GAAP, and how the transition from previous GAAP to Ind AS has affected the Company''s financial position, financial performance and cash flows.

(A) Ind-AS 101 Exemptions (Optional and Mandatory) applied

Ind AS 101 allows first-time adopters certain exemptions from the retrospective application of certain requirements under Ind AS. Exemptions applied by Company are detailed here under:

(i) Business Combinations

The Company has elected not to apply IND AS 103 Business combination retrospectively to past business combinations that occurred before the transition date of April 1, 2016. Consequently, the company has kept the same classification for the past business combinations as in its previous GAAP financial statements

(ii) Property Plant and Equipment and Intangible Assets

With regard to property, plant and equipment has been calculated at IndAS cost at the transition date i.e. 1^st April, 2016 except for land measured at fair value as deemed cost.

(iii) Determining whether an arrangement contains a Lease

Ind AS 101 includes an optional exemption that permits an entity to apply the relevant requirements in Appendix C of Ind AS 17 "Leases" for determining whether an arrangement existing at the date of transition contains a lease by considering the facts and circumstances existing at the date of transition (rather than at the inception of the arrangement). The Company has applied the above transitional provision and has assessed all the arrangements at the date of transition.

(iv) Estimates

As per Ind AS 101, an entity''s estimates in accordance with Ind AS at the date of transition to Ind AS at the end of the comparative period presented in the entity''s first Ind AS financial statements, as the case may be, should be consistent with estimates made for the same date in accordance with the previous GAAP unless there is objective evidence that those estimates were in error. However, the estimates should be adjusted to reflect any differences in accounting policies.

As per Ind AS 101, where application of Ind AS requires an entity to make certain estimates that were not required under previous GAAP, those estimates should be made to reflect conditions that existed at the date of transition or at the end of the comparative period. The Company''s estimates under Ind AS are consistent with the above requirement. Key estimates considered in preparation of the financial statement that were not required under the previous GAAP are listed below :

- Fair Valuation of financial instruments carried at FVTPL.

- Impairment of financial assets based on the expected credit loss model.

- Determination of the discounted value for financial instruments carried at amortized cost.

- Discounted value of liability for decommissioning costs.

(v) Designation of previously recognized financial instruments

At the date of transition to Ind AS i.e., 1 April 2016, a financial liability can be designated as at fair value through profit and loss provided it meets the criteria mentioned in Ind AS 109 and financial asset can be designated at fair value through profit and loss if requirements of Ind AS 109 are met. As permitted by Ind AS 101, Company has elected to avail the option. This has resulted in assessment of classification for all categories based on facts and circumstances that exist on the date of transition. Resulting classifications have been applied retrospectively.

(vi) Classification and measurement of financial assets

Ind AS 101 requires an entity to assess classification of financial assets on the basis of facts and circumstances existing as on the date of transition. Further, the standard permits measurement of financial assets accounted at amortized cost based on facts and circumstances existing at the date of transition if retrospective application is impracticable.

Accordingly, the company has determined the classification of financial assets based on facts and circumstances that exist on the date of transition. Measurement of the financial assets accounted at amortized cost has been done retrospectively.

(vii) Decommissioning liabilities included in the cost of property, plant and equipment:

The Company has measured the liability as at the date of transition to Ind AS i.e. 1^st April, 2016, estimated the amount that would have been included in the cost of the related asset when the liability first arose, by discounting the liability to that date using its best estimate of the historical risk-adjusted discount rate that would have applied for that liability over the intervening period and calculated the accumulated depreciation on that amount, as at the date of transition to Ind AS, on the basis of the current estimate of the useful life of the asset, using the depreciation policy adopted by the entity in accordance with Ind AS.

(d) Notes to the reconciliation of Balance Sheet & Equity as at 1st, April 2016 and 31st March, 2017 and Profit or Loss for the year ended 31st March, 2017.

(i) Long term borrowings

Under Indian GAAP, transaction cost incurred in connection with borrowings are charged to profit and loss in the same financial year. Under Ind AS, transaction costs are included in the initial recognition amount of financial liability and charged to profit or loss using effective interest rate method.

(ii) Fair valuation as deemed cost for Property, Plant and Equipment:

The Company have considered fair value for property, viz land situated in India, in accordance with stipulations of Ind AS 101 with the resultant impact being accounted for in the reserves.

(iii) Deferred tax

Indian GAAP requires deferred tax accounting using the income statement approach, which focuses on differences between taxable profits and accounting profits for the period. Ind AS 12 requires entities to account for deferred taxes using the balance sheet approach, which focuses on temporary differences between the carrying amount of an asset or liability in the balance sheet and its tax base. The application of Ind AS 12 approach has resulted in recognition of deferred tax on new temporary differences which was not required under Indian GAAP In addition, the various transitional adjustments lead to temporary differences. Deferred tax adjustments are recognised in correlation to the underlying transaction either in retained earnings or a separate component of equity.

(iv) Dividends

Under Indian GAAP, proposed dividends including Dividend Distribution Taxes (DDT) are recognised as a liability in the period to which they relate, irrespective of when they are declared. Under IND AS, a proposed dividend is recognised as a liability in the period in which it is declared by the company (usually when approved by shareholders). In case of the Company, the declaration of dividend occurs after the year end. Therefore, the liability recorded for dividend has been derecognised against retained earnings on 01^st April, 2016.

(v) Restoration

Under IND AS Decommissioning costs are provided for in the accounting period when the obligation arises based on the net present value of the estimated future costs of restoration to be incurred. Under Indian GAAP, the above obligation is not required to be discounted to its present value.

(vi) Re-classifications

The Company has made following reclassification as per the requirements of IND AS:

- Assets / liabilities which do not meet the definition of financial asset / financial liability have been reclassified to other asset / liability.

- Re-Measurement gain/loss on long term employee defined benefit plans are re-classified from profit and loss to Other Comprehensive Income.

- Excise duty collected on sales was earlier netted off with Revenue from operations under previous GAAP, now presented as an expense in accordance with IND AS 18

- Under Indian GAAP, the government grant received was accounted as Reserve and Surplus. Under IND AS the same has been accounted as "Other Financial Liabilities" in accordance with IND AS 20.

- The Company has re-classified unpaid dividend balance form cash and cash equivalents to other bank balances.

(vii) Derivative Instruments

The fair value of forward foreign exchange contracts is recognised under IND AS. The company was accounting for derivative contracts under the Indian GAAP using AS-11-''Effects of Changes in foreign Exchange rates''. The difference between the fair value and the Indian GAAP carrying amount has been recognised in retained earnings on the date of transition to IND AS and to statement of profit and loss as on 31^st March, 2017.

(viii) Leases

Under Ind AS, where the payments to the lessor are structured to increase in line with expected general inflation to compensate for the lessor''s expected inflationary cost increases, straight lining of lease is not required. The same was required under AS-19. The Company has initially recognised security deposit paid to the lessor at fair value and subsequently at amortised cost as per Ind AS 109.

(ix) Expected Credit Loss Model

Ind-AS 109 requires to recognize loss allowances on trade receivable and other financial assets of the Company, at an amount equal to the lifetime expected credit loss or the 12 month expected credit loss based on the increase in the credit risk.

(x) Deferred Revenue

Under India GAAP, grants received from government agencies against specific fixed assets (Property, Plant and Equipment) are adjusted to the cost of the assets. Under IND AS the same has been presented as deferred revenue being amortised in the statement of profit & loss on a systematic basis.

(xi) Employee Share Based Payment

Under the Previous GAAP, the Company had recognised the cost of equity-settled employee share-based payment using the intrinsic value method. Under Ind AS, the cost of equity settled share-based plan is recognised based on the fair value of the options as at the grant date. Adjustment has been done to take additional charge arising due to change from intrinsic value to fair value of ESOPs outstanding.

(xii) Other Comprehensive Income

Under Indian GAAP, the company has not presented other comprehensive income (OCI) separately. Hence it has reconciled Indian GAAP profit or loss to profit or loss as per IND AS. Further, Indian GAAP profit or loss is reconciled to Total Comprehensive Income as per IND AS.

12. During the current year, the Company has executed a Limited Liability Partnership Agreement with Metzerplas Cooperative Agricultural Organization Ltd ("Metzerplas") dated 14^th February 2018, to jointly carry out business activities in the field of micro-irrigation. The Company will hold 50% Partnership Interest in the LLP The Company holds rights as customary in such transactions, including on veto matters.

13. Previous GAAP figures have been reclassified/regrouped to conform to the presentation requirements under Ind AS and the requirements laid down in Division-II to the Schedule-III of the Companies Act 2013.

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Mar 31, 2017

1Rights, Preferences and Restrictions attached to Equity Shares:

The Company has one class of equity shares having a par value of '' 1 per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

2. The Company does not have any Holding Company.

3. The Company has reserved Equity Shares for issue under the Employee Stock Options Scheme. Please refer note no. 38 on "Employee Share-Based Payment" for details of Employee Stock Options Plan.

4. None of the securities are convertible into shares at the end of the reporting period.

5. The Company during the preceding 5 years -

(i) Has not allotted shares pursuant to contracts without payment received in cash.

(ii) Has issued 4,872,212 nos. of shares as fully paid up by way of bonus shares.

(iii) Has not bought back any shares.

6. There are no calls unpaid by Directors / Officers.

7. The Company has not forfeited any shares.

Security against Secured Loans are as follows :

8. Rupee Term Loans from Banks of Rs, 9.17 million (Previous Year: Rs, 27.50 million) are secured by way of first pari- passu charge over all immovable and moveable fixed assets, both present and future of Jangalpur unit, Howrah of the company excluding those assets for which there is an exclusive charge of other lenders. It is further secured by the second pari-passu charge on the current assets of the Company both present and future, excluding those assets for which there is an exclusive charge of other lenders.

9. Rupee Term Loans from Banks of Rs, 119.76 million (Previous Year: Rs, 207.41 million) and Foreign Currency Term Loans of Rs, 538.49 million (Previous Year: Rs, 479.99 million) are secured by way of first pari- passu charge over all immovable and moveable fixed assets, both present and future of Uluberia unit, Howrah of the company excluding those assets for which there is an exclusive charge of other lenders. It is further secured by the second pari-passu charge on the current assets of the Company both present and future, excluding those assets for which there is an exclusive charge of other lenders.

10. Foreign Currency Term Loan from Banks of Rs, 155.61 million (Previous Year: Nil) and Rupee Term Loan from banks of Rs, Nil (Previous Year: Rs, 200 million) is secured by way of first pari- passu charge over all immovable and moveable fixed assets, both present and future of Uluberia unit and Jangalpur Unit, Howrah of the company excluding those assets for which there is an exclusive charge of other bankers. It is further secured by the second pari-passu charge on the current assets of the Company both present and future, excluding those assets for which there is an exclusive charge of other bankers.

11. Rupee Term Loan from Body Corporate of Rs, 187.35 million (Previous Year: Rs, 185.90 million ) is secured by way of first pari- passu charge on plant & machinery of Polymer units situated at Ahmedabad, Guwahati (Unit

1), Hyderabad & Sikandrabad.

12. Rupee Term Loans from Banks of Rs, 482 million (Previous Year: Nil) is secured by way of first pari- passu charge over all immovable and moveable fixed assets, both present and future, of Guwahati (Unit 2).

13. Vehicle loans from Banks of Rs, 21.70 million (Previous Year: Rs, 32.78 million) and Rs, 3.69 million (Previous Year: Rs, 4.24 million) from Others are secured against hypothecation of respective fixed assets financed by them.

14. Loans From Related Parties of Rs, 253.74 million (Previous Year: Rs, 107.65 million) and Loans From Other Body Corporate of Rs, 100.50 million (Previous Year: Rs, 745.25 million), being long term in nature, have not been considered in the above repayment schedule.

15. Interest Rates:

(i) Rupee Term Loan from Banks carries interest ranging from base rate/MCLR plus 20 bps to base rate/ MCLR plus 300 bps, Rupee Term Loan from Body Corporate carries interest of SBI base rate plus 130 bps and Foreign currency Term Loans from Banks bear interest from 3 months libor plus 250 bps to 6 months libor plus 390 bps.

(ii) Vehicle Loan from Banks/Others carries interest rate between 9% to 12% p.a.

(iii) Unsecured Loan from Body corporate, from Related parties and from Banks carries interest between 9% to 12.50% p.a.

16. DEFERRED TAX LIABILITIES (NET)

The Company has recognized Deferred Tax Liability as per Accounting Standard-22 regarding ''Accounting for Taxes on Income''. The movement of major components of deferred tax provision/adjustment is:

17. Working Capital and Buyers Credit are secured by first charge on current assets and second charge on fixed assets of Jangalpur, Uluberia, Ahmedabad, Guwahati (Unit 1), Hyderabad & Sikandrabad Units of the Company and also by personal guarantees of some of the directors of the Company.

18. Interest on working Capital Facilities from banks carries interest ranging from 6.75% to 10.45%. Buyer''s Credit from Banks bears interest from 3 months/ 6 months libor plus 20 bps to 3 months/6 months libor plus 80 bps.

19. The Company does not expect any reimbursements in respect of the above contingent liability.

20. It is not practicable to estimate the timing of cash outflows, if any, in respect of matters at pending resolution of the appellate proceedings.

21. A nine judge bench of the Supreme Court of India upheld the constitutional validity of entry tax by majority decision subject to fulfilling of certain conditions. Majority members held that entry tax should not be discriminatory in nature. The writ petition is pending at the division bench of Kolkata challenging the levy of West Bengal tax on Entry of goods into local areas Act 2012 (the Act), on the ground that it is violation of articles 304(a) and Article 14 of the Constitution. The Hon''ble High Court of Calcutta has granted interim order that tax shall not be realized by State. However, the petitioner Companies have been directed to comply with the provisions of Entry tax relating to filing of return etc.

It has been legally advised that the levy of Entry tax in the state of West Bengal would not pass the acid test of discrimination in as much as the Hon''ble Supreme Court has categorically stated that "State Legislature in exercise of its taxing power can grant exemption / set off to locally produce and manufactured goods only to a limited extent based on the intelligible differentia which is not in the nature of the general / unspecified exemptions." There is a blanket, unlimited and unspecified exemption provided by the state of West Bengal on the intra-state movement of goods, which may contradict the guidelines laid down by the Hon''ble Supreme Court.

In view of the above fact and as per the legal opinion received, management is of the view that no provision is required on account of entry tax.

22. Estimated amount of contracts pending execution on capital account net of advances of '' 149.99 million (Previous Year: '' 21.78 million) and not provided for is '' 98.03 million (Previous Year: '' 90.50 million).

23. The Company is accounting for transactions in foreign currency as per Clause 46A of Accounting Standard-11-Effects of changes in foreign exchange rates and has exercised the option of deferment of exchange fluctuation on long term liabilities granted by Companies (Accounting Standards) (Second Amendment) Rules, 2011 issued by the Ministry of Corporate Affairs on 29.12.2011 by way of capitalization to the respective fixed assets.

24. In the opinion of the management, no impairment loss is required to be charged to Statement of Profit and Loss at the end of the financial year.

25. Other Operational Income includes '' 193.26 million (Previous Year: '' 181.37 million) towards the gains realized on cancellation /roll over of forward contracts (foreign currency) relating to future export sales (firm commitment).

26. Balances of certain debtors and creditors are subject to confirmation and reconciliation. In the opinion of the management, current assets, loan and advances will have value on realization in the ordinary course of business at least equal to the amount at which they are stated.

(b) Defined Benefit Plan :

Post employment and other long term employee benefits in the form of gratuity and leave encashment are considered as defined benefit obligation. The employees'' gratuity fund scheme managed by Life Insurance Corporation of India is a defined benefit plan. The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method, which recognizes each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation.

Liability for leave payable at the time of retirement has been recognized on actuarial basis.

The estimates of rate of escalation in salary considered in actuarial valuation, takes into account inflation, seniority, promotion and other relevant factors including supply and demand in the employment market.

27. OPERATING LEASE

The Company has taken various residential/commercial premises under cancelable operating leases except for land taken on lease for units located at Guwahati (Unit 1), Telangana & Ahmedabad with a lock-in-period of 36 months and Mumbai office for 24 Months from start of lease period. There is escalation clause in certain lease agreement. There are no restrictions imposed by lease agreements. These lease agreements are normally renewed on expiry.

28. EARNINGS PER SHARE (EPS)

The following reflects the profit and share data used in the basic and diluted EPS computation

29. For the year ended 31^st March, 2017, the Board of Directors of the Company has recommended dividend of Rs, 1.55 per share (Previous Year: Rs, 1.40 per share) to equity shareholders.

30. EMPLOYEE SHARE-BASED PAYMENT:

Employee Stock Options Plan 2015 ("ESOP 2015")

On 7^th January, 2016, the Shareholders of the Company approved the Employee Stock Options Plan 2015 (""ESOP 2015"") for issue of Option not exceeding 2,000,000 (Two million) options to its permanent employees (including a Director, whether whole time or not but excluding independent directors) of the Company, working in India or outside India. Each option when exercised would be converted into one Equity Share of Rs, 1/- ('' One) each fully paid-up, i.e. mode of settlement will be equity settled. The above options shall be granted with a graded vesting schedule of 25% at the end of each year from grant date over a period of 4 years, conditional on Corporate Performance Matrix as per Plan. All the options granted on any date shall vest not earlier than 1(one) year and not later than a maximum of 6 (six) years from the date of grant of options. The Exercise period would commence from the date of vesting and will expire on completion of 5 (five) years from the date of respective vesting and these options do not carry rights to dividends or voting rights till the date of exercise. The Shares issued upon exercise of Options shall be freely transferable and shall not be subject to any lock-in period restriction after such exercise, except as required by SEBI Regulations.

Method used for accounting of share based payment plan:

The Company has used intrinsic value method to account for the compensation cost of stock options granted as per above scheme. Intrinsic value is the amount by which the quoted market price of the underlying share exceeds the exercise price of the option. Since the options under the Scheme were granted at less than market price, consequently the accounting value of the option (compensation cost) is Rs, 12.78 million (Previous Year: Rs, 0.46 million).

The expected volatility was determined based on the historical share price volatility over the past period depending on life of the options granted.

(B) Secondary Segment (Geographical Segment)

As overseas customers constitute a reportable segment, hence following items needs to be reported under geographical segments, considered as secondary segment, as per Accounting Standard (AS) 17 "Segment Reporting".

(i) The following table shows the distribution of the Company''s Revenue from operations by Geographical market.

(C) Other disclosures

There are no inter-segment revenues.

The Engineering Products segment includes Towers, Tower Accessories, Fasteners, Angles, Channels, Highmast Poles, Swaged Poles, scaffoldings etc.

The Infrastructure Projects segment includes Horizontal Direct Drilling services and Engineering, Procurement & Construction services.

The Polymer Product segment includes PVC, CPVC, UPVC, SWR pipes & fittings and other related products. 40. RELATED PARTY DISCLOSURES

A. List of the related parties and relatives with whom transactions have taken place.

(1) Key Management Personnels and their relatives.

(i) Mr. Sajan Kumar Bansal -Managing Director

(ii) Mr. Sharan Bansal -Whole Time Director

(iii) Mr. Devesh Bansal -Whole Time Director

(iv) Mr. Siddharth Bansal -Whole Time Director

(2) Parties where key managerial personnel along with their relatives have significant influence.

(i) Skipper Realties Limited ( Formerly Bansal TMT Steels Limited)

(ii) Skipper Telelink Limited

(iii) Ventex Trade Private Limited

(iv) Skipper Plastics Limited ( Formerly Rama Consultancy Company (1993) Limited)

(v) Suviksit Investments Limited

(vi) Skipper Polypipes Private Limited (Formerly Prakriti Steels Private Limited)

(vii) Skipper Foundation

(viii) Sadhuram Bansal Foundation

(ix) Sheo Bai Bansal Charitable Trust

(3) Relatives of key managerial personnel

(i) Mrs. Sumedha Bansal -Wife of Mr. Sharan Bansal

(ii) Mrs. Rashmi Bansal -Wife of Mr. Devesh Bansal

(iii) Mrs. Shruti M Bansal -Wife of Mr. Siddharth Bansal

31. Figures relating to the previous year have been regrouped and rearranged wherever necessary.

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Mar 31, 2016

1. Rights, Preferences and Restrictions attached to Equity Shares:

The Company has one class of equity shares having a par value of Rs, 1 per share. Each shareholder is eligible for one vote per
share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual
General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive
the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

2. The Company does not have any Holding Company.

3. The Company has reserved Equity Shares for issue under the Employee Stock Options Scheme. Please refer Note No. 38 on
"Employee Share-Based Payment" for details of Employee Stock Options Plan.

4. None of the securities are convertible into shares at the end of the reporting period.

5. The Company during the preceding 5 years –

(i) Has not allotted shares pursuant to contracts without payment received in cash.

(ii) Has issued 4,872,212 nos. of shares as fully paid up by way of bonus shares. (iii) Has not bought back any shares.

6. There are no calls unpaid by Directors / Officers.

7. The Company has not forfeited any shares.

Secured Loans are covered as follows :

8. Rupee Term Loans from Banks of Rs, 27.50 million (Previous Year Rs, 64.17 million) are secured by way of first pari- passu
charge over all immovable and moveable fixed assets, both present and future of Jangalpur unit, Howrah of the company excluding
those assets for which there is an exclusive charge of other lenders.

It is further secured by the second pari-passu charge on the current assets of the unit both present and future, excluding those
assets for which there is an exclusive charge of other lenders.

9. Rupee Term Loans from Banks of Rs, 207.41 million (Previous Year Rs, 491.33 million) and foreign currency term loans of Rs,
479.99 million (Previous Year Rs, 346.46 million) are secured by way of first pari- passu charge over all immovable and moveable
fixed assets, both present and future of Uluberia unit, Howrah of the company excluding those assets for which there is an
exclusive charge of other lenders. It is further secured by the second pari-passu charge on the current assets of the unit both
present and future, excluding those assets for which there is an exclusive charge of other lenders.

10. Rupee Term Loans from Banks of Rs, 200.00 million (Previous Year Rs, 186.88 million) is secured by way of first pari- passu
charge over all immovable and moveable fixed assets, both present and future of Uluberia unit and Jangalpur Unit, Howrah of the
company excluding those assets for which there is an exclusive charge of other bankers. It is further secured by the second
pari-passu charge on the current assets of the unit both present and future, excluding those assets for which there is an
exclusive charge of other lenders.

11. Loans from related parties of Rs, 107.65 million (Previous year Rs, 57.96 million) and loans from other body corporate of Rs,
745.25 million (Previous year Rs, 620.09 million), being long term in nature, have not been considered in the above repayment
schedule.

12. Interest Rates:

(i) Rupee Term Loan from Banks carries interest ranging from base rate plus 1.30% to base rate plus 3% , Rupee Term Loan from
Body Corporate carries interest of SBI base rate plus 1.30% and Foreign currency Term Loans from Banks bear interest from 3
months libor plus 250 bps to 6 months libor plus 300 bps

(ii) Vehicle Loan from Banks carries interest between 9.35 % to 12% p.a.

(iii) Unsecured Loan from Body corporate and from Banks carries interest between 9% to 12.50% p.a.

13. Rupee Term Loan from Body Corporate of Rs, 185.90 million (Previous Year: Rs, Nil ) is secured by way of first pari- passu
charge on plant & machinery of PVC units situated at Ahmedabad, Guwahati, Hyderabad & Sikandrabad.

14. Vehicle loans from Banks of Rs, 32.78 million (Previous Year Rs, 44.48 million) and Rs, 4.24 million (Previous Year Rs, Nil )
from Others are secured against hypothecation of respective fixed assets fnanced by them.

15. The Company does not expect any reimbursements in respect of the above contingent liability.

16. It is not practicable to estimate the timing of cash outfows, if any, in respect of matters at pending resolution of the
appellate proceedings.

17. Estimated amount of contracts pending execution on capital account net of advances of Rs, 21.78 million (previous year Rs,
30.60 million) and not provided for is Rs, 90.50 million (Previous year Rs, 67.19 million).

18. As per Section 135 of the Companies Act, 2013, a CSR committee has been formed by the company. The disclosure in respect of
CSR Expenditure during the year as aligned with the CSR Policy of the Company which is in line with the activities specified in
Schedule VII of the Companies Act, 2013 is as under:

19. The Company is accounting for transactions in foreign currency as per Clause 46A of Accounting Standard-11- Effects of
changes in foreign exchange rates and has exercised the option of deferment of exchange fluctuation on long term liabilities
granted by Companies (Accounting Standards) (Second Amendment) Rules, 2011 issued by the Ministry of Corporate Affairs on
29.12.2011 by way of capitalization to the respective fixed assets.

20. In the opinion of the management, no impairment loss is required to be charged to Statement of Profit and Loss at the end of
the financial year.

21. Other Operational Income includes Rs, 181.37 million (Previous year Rs, 420.13 million) towards the derivative gains
realized on cancellation /rollover of forward contracts (foreign currency) relating to future export sales (firm commitment).

22. Balances of certain debtors and creditors are subject to confirmation and reconciliation. In the opinion of the management,
current assets, loan and advances will have value on realization in the ordinary course of business at least equal to the amount
at which they are stated.

23. The information regarding amounts due to creditors registered under the Micro, Small and Medium Enterprises Development Act,
2006, has been given to the extent available with the Company. The required disclosures of outstanding dues of micro, small &
medium enterprises are as under:

Defined Benefit Plan :

Post employment and other long term employee benefits in the form of gratuity and leave encashment are considered as defined
benefit obligation. The employees'' gratuity fund scheme managed by Life Insurance Corporation of India is a defined benefit plan.
The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method, which
recognizes each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit
separately to build up the final obligation.

24. The disclosures required under Accounting Standard 15 "Employees Benefits" notified in the Companies (Accounting Standards)
Rules 2006, are given below:

*Net asset on account of Gratuity Fund as at the end of previous year was not recognized in the Financial Statement. Liability
for leave payable at the time of retirement has been recognized on actuarial basis. The estimates of rate of escalation in
salary considered in actuarial valuation, take into account Inflation, seniority, promotion and other relevant factors including
supply and demand in the employment market. The above information is as given by the Life Insurance Corporation of India (LIC)
and as per certain estimates made by the management, which had been accepted by the auditor.

25. OPERATING LEASE

The Company has taken various residential/commercial premises under cancelable operating leases except for land taken on lease
for units located at Guwahati & Ahmedabad with a lock-in-period of 36 months from start of lease period. There is no escalation
clause in the lease agreement except in case of land taken on lease for units located in Ahmedabad, Guwahati, Hyderabad &
Sikandrabad. There are no restrictions imposed by lease agreements. These lease agreements are normally renewed on expiry.

26. EMPLOYEE SHARE-BASED PAYMENT:

Employee Stock Options Plan 2015 ("ESOP 2015")

On 7th January, 2016, the Shareholders of the Company approved the Employee Stock Options Plan 2015 ("ESOP 2015") for issue of
Option not exceeding 20,00,000 (Twenty Lakh) options to its permanent employees (including a Director, whether whole time or not
but excluding independent directors) of the Company, working in India or outside India. Each option when exercised would be
converted into one Equity Share of Rs, 1/- (Rs, One) each fully paid-up. Pursuant to ESOP 2015, Nomination & Remuneration
Committee on 9th March, 2016 has granted 410,000 options with a graded vesting schedule of 25% at the end of each year over a
period of 4 years conditional on Corporate Performance Matrix as per Plan. All the options granted on any date shall vest not
later than a maximum of 6 (six) years from the date of grant of options. The Exercise period would commence from the date of
vesting and will expire on completion 5 (five) years from the date of respective vesting and these options do not carry rights to
dividends or voting rights till the date of exercise. The Shares issued upon exercise of Options shall be freely transferable and
shall not be subject to any lock-in period restriction after such exercise.

Fair Valuation:

During the year ended 31st March, 2016, the Company has granted 410,000 options under ESOP 2015. At grant date, the weighted
average fair value of stock options granted under ESOP 2015 was Rs, 85.65 for each option. The said fair valuation have been
done by an independent valuer using Black and Scholes Model. The details of stock options granted during the year ended 31st
March, 2016, and the key assumptions taken into account for fair valuation are as under:

The expected volatility was determined based on the historical share price volatility over the past period depending on life of
the options granted.

For the year ended 31st March, 2016, the Company determined Rs, 0.46 million (Previous year Rs, Nil ) as amortized compensation
cost for stock options granted. The Company measures compensation cost for the stock options granted using intrinsic value
method. Had the compensation cost been determined in a manner consistent with fair value approach, the Company''s net Profit and
earnings per share as reported would have been as under:

(C) Other disclosures

There are no inter-segment revenues.

The Engineering Products segment includes Towers, Angles, Highmast Poles, Swaged Poles, scaffoldings etc.

The Infrastructure Projects segment includes Horizontal Direct Drilling services and Engineering, Procurement & Construction
services.

The Polymer Product segment includes PVC, CPVC, UPVC, SWR pipes & fittings and other related products.

27. RELATED PARTY DISCLOSURES

A. Names of the related parties and nature of relationship

(1) Key Management Personnels and their relatives.

(i) Mr. Sajan Kumar Bansal Managing Director

(ii) Mr. Sharan Bansal Whole Time Director

(iii) Mr. Devesh Bansal Whole Time Director

(iv) Mr. Siddharth Bansal Whole Time Director

(2) Parties where key managerial personnel along with their relatives have significant infuence. Skipper Realties Limited (
Formerly Bansal TMT Steels Limited)

Skipper Telelink Limited

Ventex Trade Private Limited

Skipper Plastics Limited ( Formerly Rama Consultancy Company (1993) Limited)

Suviksit Investments Limited

Skipper Polypipes Private Limited (Formerly Prakriti Steels Private Limited)

Skipper Foundation

Sadhuram Bansal Foundation

Sheo Bai Bansal Charitable Trust

(3) Relatives of key managerial personnel

(i) Mr. Sadhu Ram Bansal Father of Mr. Sajan Kumar Bansal (Expired on 27.09.2014)

(ii) Mrs. Sumedha Bansal Wife of Mr. Sharan Bansal

(iii) Mrs. Rashmi Bansal Wife of Mr. Devesh Bansal

(iv) Mrs. Shruti M Bansal Wife of Mr. Siddharth Bansal

28. FIGURES RELATING TO THE PREVIOUS YEAR HAVE BEEN REGROUPED AND REARRANGED WHEREVER NECESSARY.

Significant Accounting Policies 1

The accompanying notes are an integral part of the financial statements

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Mar 31, 2015

1 CONTINGENT LIABILITIES NOT PROVIDED IN RESPECT OF:

Rs. in million

31-03-2015 31-03-2014

Particulars

a) Claims against the Company not acknowledged as debt Disputed tax/duties 201.52 170.42

b) Bank Guarantee issued by Banks 3007.18 2182.53

Less: Margin money pledged against Bank Guarantee 87.93 62.25

Bank Guarantee net of Margin Money 2,919.25 2,120.28

Notes:

(i) The Company does not expect any reimbursements in respect of the above contingent liabilities.

(ii) It is not practicable to estimate the timing of cash outflows, if any in respect of matters at (a) pending resolution of the appellate proceedings.

(iii) In respect of matters at (b) the cash outflows, if any, could generally occur at any time during the subsistence of the liability to which the guarantees relate.

2. Estimated amount of contracts pending execution on capital account (net of advances of Rs. 30.60 million (previous year Rs. 21.11 million) and not provided for isRs. 67.19 million (Previousyear Rs. 38.18 million).

3. The Gross Block of Fixed Assets includes Rs. 43.52 million (Previous year Rs. 43.52 million) on account of revaluation of Fixed Assets carried out in the past. Pursuant to Companies Act 2013 the company has revised depreciation rates on fixed assets w.e.f 1st April, 2014 as per the useful life specified in Schedule II of the Companies Act, 2013 and also depreciation on revalued amount of certain assets have been charged to statement of profit & loss. Pending clarification, depreciation on revalued amount for year ended 31st March, 2015 for Rs. 0.36 million has not been adjusted with Revaluation Reserve.

4. As per Section 135 of the Companies Act, 2013, a CSR committee has been formed by the company. The disclosure in respect of CSR Expenditure during the year as aligned with the CSR Policy of the Company which is in line with the activities specified in Schedule VII of the Companies Act, 2013 is as under:

5. The Company is accounting for transactions in foreign currency as per Clause 46A of Accounting Standard-11- Effects of changes in foreign exchange rates and has exercised the option of deferment of exchange fluctuation on long term liabili- ties granted by Companies (Accounting Standards) (Second Amendment) Rules, 2011 issued by the Ministry of Corporate Affairs on 29.12.2011 by way of capitalization to the respective fixed assets.

6. In the opinion of the management, no impairment loss is required to be charged to Statement of Profit and Loss at the end of the financial year.

7. Other Operational Income includes Rs. 420.13 million (Previous year Rs. Nil) towards the derivative gains realized on cancellation /roll over of forward contracts (foreign currency) relating to future export sales (firm commitment).

6. Balances of certain debtors and creditors are subject to confirmation and reconciliation. In the opinion of the management, current assets, loan and advances will have value on realization in the ordinary course of business at least equal to the amount at which they are stated.

7. The disclosures required under Accounting Standard 15 "Employees Benefits" notified in the Companies (Accounting Standards) Rules 2006, are given below:

2) Parties where key managerial personnel along with their relatives have significant influence

Skipper Realties Limited (Formerly Bansal TMT Steels Limited)

Skipper Telelink Limited

Ventex Trade Private Limited

Skipper Plastics Limited (Formerly Rama Consultancy Company (1993) Limited)

Suviksit Investments Limited

Prakriti Steels Private Limited

Skipper Foundation

Sadhuram Bansal Foundation

Sheo Bai Bansal Charitable Trust

3) Relatives of key managerial personnel

Mr. Sadhu Ram Bansal (father of Mr. Sajan Kumar Bansal) (Expired on 27.09.2014) Mrs.Sumedha Bansal (wife of Mr. Sharan Bansal) Mrs.Rashmi Bansal (wife of Mr. Devesh Bansal) Mrs.Shruti M Bansal (wife of Mr. Siddharth Bansal)

B Secondary Segment (Geographical Segment)

There are no items to be reported under geographical segments, considered as secondary segment, as overseas customers do not costitute a reportable segment as per Accounting Standard (AS) 17 "Segment Reporting".

C Other disclosures

There are no inter-segment revenues.

The Engineering Products segment includes Towers, Angles, Highmast Poles, Swaged Poles, scaffoldings etc.

The Infrastructure Projects segment includes Horizontal Direct Drilling services and Erection, painting and commissioning services.

The PVC Products segment includes PVC pipes and other related products.

8. For the year ended 31st March, 2015, the Board of Directors of the Company has recommended dividend of Rs. 1.30 per share (Previous year Rs. 0.15 per share) to equity shareholders aggregating to Rs. 160.09 million (Previous year Rs. 18.03 million) including Dividend Distribution Tax.

9. THERE IS NO UNHEDGED FOREIGN CURRENCY EXPOSURE.

10. FIGURES RELATING TO THE PREVIOUS YEAR HAVE BEEN REGROUPED AND REARRANGED WHEREVER NECESSARY.

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Mar 31, 2013

1. Cash and Cash Equivalents represent cash and bank balances as indicated in Note 15 to the Annual Accounts and include fixed deposit pledged as margin money.

2. The above Cash Flow Statement has been prepared under the Indirect method as set out in Accounting Standard-3 on Cash Flow Statement issued by the Institute of Chartered Accountants of India.

In terms of our report of even date

3. Contingent liabilities not provided in respect of:

Amounting

Particulars 31.03.2013 31.03.2012

a) Claims against the Company not acknowledged as debt 49,918,200 48,114,117 Disputed tax/duties

b) Bank Guarantee issued by Banks (net of margin money) 1,207,543,322 1,215,255,508

Notes:

(i) The Company does not expect any reimbursements in respect of the above contingent liabilities.

(ii) It is not practicable to estimate the timing of cash outflows, if any, in respect of matters at (a) pending resolution of the appellate proceedings.

(iii) In respect of matters at (b) the cash outflows, if any, could generally occur at any time during the subsistence of the liability to which the guarantees relate.

4. Estimated amount of contracts pending execution on capital account (net of advances) and not provided for is Rs. 7,539,699 (Previous yearRs. 23,317,766).

5. The Gross Block of Fixed Assets includes Rs. 43,520,129 (Previous year Rs. 43,520,129) on account of revaluation of Fixed Assets carried out in the past. Consequent to the said revaluation there is an additional charge of depreciation of Rs. 241,237 (Previous Year Rs. 241,237) and an equivalent amount, has been withdrawn from Revaluation Reserve and credited to the Profit and Loss Account.

6. Expenditure on account of premium on forward exchange contracts to be recognized in the profit and loss account of subsequent accounting period aggregates to Rs. 2,857,807 (Previous year Rs. 6,396,114).

7. The Company is accounting for transactions in foreign currency as per Accounting Standard-11- Effects of changes in foreign exchange rates and shall not exercise the option of deferment of exchange fluctuation on long term liabilities granted by Companies (Accounting Standard) Amendment Rules, 2009 issued by the Ministry of Corporate Affairs on 31st March, 2009.

8. In the opinion of the management, no impairment loss is required to be charged to Statement of Profit and Loss at the end of the financial year.

9. Balances of certain debtors and creditors are subject to confirmation and reconciliation. In the opinion of the management, current assets, loan and advances will have value on realization in the ordinary course of business at least equal to the amount at which they are stated.

10. The Company had issued 2,900,000 (Twenty Nine Lacs), 8% Redeemable Non Cumulative Preference shares of Rs. 100 each on 31st March, 2011, out of which 2,500,000 shares were redeemable after twelve years from the date of allotment and balance 400,000 shares were redeemable after thirteen years from the date of allotment. During the year the Company has redeemed all these shares before the due date of redemption.

11. The information regarding amounts due to creditors registered under the Micro, Small and Medium Enterprises Development Act, 2006, has been given to the extent available with the Company. The required disclosures of outstanding dues of micro, small & medium enterprises are as under:

Defined Benefit Plan

The employees'' gratuity fund scheme managed by Life Insurance Corporation of India is a defined benefit plan. The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method, which recognizes each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation.

The estimates of rate of escalation in salary considered in actuarial valuation, take into account inflation, seniority, promotion and other relevant factors including supply and demand in the employment market. The above information is as given by the Life Insurance Corporation of India (LIC) and as per certain estimates made by the management, which had been accepted by the auditor.

12. The Company has recognized Deferred Tax Liability as per Accounting Standard-22 regarding ''Accounting for Taxes on Income''. The movement of major components of deferred tax provision/adjustment is:

13. Leases

(a) Operating Lease

The Company has taken various residential/commercial premises under cancelable operating leases. There is no escalation clause in the lease agreement. There are no restrictions imposed by lease agreements. These lease agreements are normally renewed on expiry.

(b) Finance Leases:

(i) Assets acquired on finance lease mainly comprise vehicles. The leases have a primary period, which is fixed and non-cancelable. There are no exceptional/restrictive covenants in the lease agreement:

(ii) The minimum lease rentals as at 31st March, 2013 of minimum lease payments in respect of assets acquired under finance lease are as follows:

14 List of related parties with whom the Company has entered into transactions during the year in the ordinary course of business

A Relationship

1) Key Managerial Personnel

Mr. Sajan Kumar Bansal Mr.SharanBansal Mr. Devesh Bansal Mr. Siddharth Bansal

2) Parties where key managerial personnel along with their relatives have significant influence

Bansal TMT Steels Limited

Skipper Telelink Limited

VentexTrade Private Limited

Rama Consultancy Company (1993) Limited

Skipper Foundation

Sadhuram Bansal Foundation

SheoBai Bansal Charitable Trust

3) Relatives of key managerial personnel

Mr.Sadhu Ram Bansal (father of Mr. Sajan Kumar Bansal) Mrs.Sumedha Bansal (wife of Mr. Sharan Bansal) Mrs.Rashmi Bansal (wife of Mr. Devesh Bansal)

The business segment has been considered as primary segment.

The Company has identified the following business segments taking into account products or group of related products that is subject to risks and returns that are different from those of other business segments, the organisation structure and the financial reporting system.

Iron & Steel Products

Infrastructure Projects

PVC Products

There are no items to be reported under geographical segments, considered as secondary segment, as overseas customers do not costitute a Reportable Segment as per Accounting Standard (AS) 17 "Segment Reporting".

There are no inter-segment revenues.

15. Figures relating to the previous year have been regrouped and rearranged wherever necessary.

---

Mar 31, 2012

1. The name of the Company has been changed from Skipper Steels Limited to Skipper Limited with effect from 07th September, 2009.

2. The Company has changed the method of valuation of Raw Materials from First in First out to Moving Average method during the financial year ended 31st March, 2012, which has the increasing effect on the net profit of the Company for the year to the extent of Rs. 70,92,886/-.

3. Contingent liabilities not provided in respect of:

Paticular 31.03.2012 31.03.2011 a) Claims against the Company not acknowledged as debt Disputedtax/duties 4,81,14,117 4,51,15,597

b) Bills Discounted 15,21,48,293 31,67,88,201

c) Bank Guarantee issued by Banks 1,24,53,29,969 131,75,23,098

Notes:

(i) The Company does not expect any reimbursements in respect of the above contingent liabilities.

(ii) It is not practicable to estimate the timing of cash outflows, if any, in respect of matters at (a) pending resolution ofthe appellate proceedings.

(iii) In respect of matters at (b), the cash outfows if any, could occur or defoult by the parties whose bills have been discounted bythe banks.

(iii) In respect of matters at (c) the cash outflows, if any, could generally occur at any time during the subsistence of the liability to which the guarantees or letters of credit relate.

4. Estimated amount of contracts pending execution on capital account (net of advances) and not provided for is Rs. 1,63,56,384 (Previous year Rs. 2,33,17,766).

5. The Gross Block of Fixed Assets includes Rs. 4,35,20,129 (Previous year Rs. 4,35,20,129) on account of revaluation of Fixed Assets carried out in the past. Consequent to the said revaluation there is an additional charge of depreciation of Rs. 2,41,237 (Previous Year Rs. 2,41,237) and an equivalent amount has been withdrawn from Revaluation Reserve and credited to the Profit and Loss Account.

6. Expenditure on account of premium on forward exchange contracts to be recognized in the profit and loss account of subsequent accounting period aggregates to Rs. 63,96,114(Previous year Rs. 25,36,478).

7. The Company is accounting for transactions in foreign currency as per Accounting Standard-11- Effects of changes in foreign exchange rates and shall not exercise the option of deferment of exchange fluctuation on long term liabilities granted by Companies (Accounting Standard) Amendment Rules, 2009 issued by the Ministry of Corporate Affairs on 31st March, 2009.

8. In the opinion of the management, no impairment loss is required to be charged to Profit and Loss Account at the end of the financial year.

9. Balances of certain debtors and creditors are subject to confirmation and reconciliation. In the opinion of the management, current assets, loan and advances will have value on realization in the ordinary course of business at least equal to the amount at which they are stated.

10. The Company had issued Nil ( Previous year Rs. 25,00,000) Redeemable Non-cumulative Preference Shares of Rs. 100 each aggregating to Rs. Nil (Previous Year Rs. 25,00,00,000) during the year, which are redeemable after twelve years from the date of allotment and Nil (Previous year 4,00,000 ) Redeemable Non-cumulative Preference Shares of Rs. 100 each aggregating to Rs. Nil (Previous year Rs. 4,00,00,000) redeemable after thirteen years from the date of allotment. 8% dividend will be paid to all the Preference shareholders subject to availability of distributable profits.

11. The information regarding amounts due to creditors registered under the Micro, Small and Medium Enterprises Development Act, 2006, has been given to the extent available with the Company. The required disclosures of outstanding dues of micro enterprises and small enterprises are as under:

12. The disclosures required under Accounting Standard 15 "Employees Benefits" notified in the Companies (Accounting Standards) Rules 2006, are given below:

Defined Contribution Plan

Contribution to Defined Contribution Plan, recognised are charged off for the year are as under:

Defined Benefit Plan

The employees'' gratuity fund scheme managed by Life Insurance Corporation of India is a defined benefit plan. The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method, which recognizes each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation.

The estimates of rate of escalation in salary considered in actuarial valuation, take into account inflation, seniority, promotion and other relevant factors including supply and demand in the employment market. The above information is as given by the Life Insurance Corporation of India (LIC) and as per certain estimates made by the management, which has been accepted by the auditors.

13. The Company has set up a PVC Pipe (Expansion), Producer Gas Plant (Coal Gasifier) and other Expansion Projects at Uluberia, West Bengal during the year. The expenditure incurred during the construction period were debited to Capital Work-In-Progress and have been apportioned to the fixed assets on the completion of the project. The necessary details of such expenditure has been disclosed below:

14. The Company has recognized Deferred Tax Liability as per Accounting Standard-22 regarding ''Accounting for Taxes on Income''. The movement of major components of deferred tax provision/adjustment is:

15. Leases

(a) Operating Lease

The Company has taken various residential/commercial premises under cancelable operating leases. There is no escalation clause in the lease agreement. There are no restrictions imposed by lease agreements. These lease agreements are normally renewed on expiry.

(b) Finance Leases:

(i) Assets acquired on finance lease mainly comprise vehicles. The leases have a primary period, which is fixed and non- cancelable. There are no exceptional/restrictive covenants in the lease agreement:

(ii) The minimum lease rentals as at 31st March, 2012 of minimum lease payments in respect of assets acquired under finance lease are as follows:

16. List of related parties with whom the Company has entered into transactions during the year in the ordinary course of business

A. Relationship

1) Key Management Personnel

Mr. Sajan Kumar Bansal

Mr. Sharan Bansal

Mr. Devesh Bansal

Mr.Siddharth Bansal

2) Parties where key management personnel along with their relatives have significant influence

Bansal TMT Steels Limited SkipperTelelink Limited VentexTrade Private Limited Rama Consultancy Company (1993) Limited

3) Relatives of key management personnel

Sadhu Ram Bansal (father of Mr. Sajan Kumar Bansal)

Sumedha Bansal (wife of Mr. Sharan Bansal)

Rashmi Bansal (wife of Mr. Devesh Bansal)

The business segment has been considered as primary segment.

1) The Company has identified the following business segments taking into account products or group of related products that is subject to risks and returns that are different from those of other business segments, the organisation structure and the financial reporting system

I) Iron & Steel products II) Infrastructure Projects III) PVC Products

2) There are no items to be reported under geographical segments, considered as secondary segment, as overseas customers do not costitute a Reportable Segment as per Accounting Standard (AS) 17 "Segment Reporting".

3) There are no inter-segment revenues.

---

Mar 31, 2011

1. The name of the Company has been changed from Skipper Steels Limited to Skipper Limited with effect from 7th September, 2009.

2. Contingent liabilities not provided in respect of:

Amount in Rs Paticular 31.03.2011 31.03.2010 a) ClaimsagainsttheCompanynotacknow ledgedasdebtDisputedtax/duties 4,51,15,597 5,73,25,830

b) Bills Discounted 31,67,88,201 13,16,54,634

c) BankGuaranteeissuedbyBanks 1,31,75,23,098 1,08,08,47,568

d) UnexpiredLettersofCredit 77,52,36,044 5,17,727

Note :

(i) The Company does not expect any reimbursements in respect of the above contingent liabilities.

(ii) It is not practicable to estimate the timing of cash outflows, if any, in respect of matters at (a) pending resolution of the appellate proceedings.

(iii) In respect of matters at (b), the cash outflows, if any, could occur on default by the parties whose bills have been discounted by the bank.

(iv) In respect of matters at (c) and (d), the cash outflows, if any, could generally occur at any time during the subsistence of the liability to which the guarantees or letters of credit relate.

3. Estimated amount of contracts pending execution on capital account (net of advances) and not provided for is Rs.2,33,17,766 (Previousyear Rs. 1,78,99,852).

4. The Gross Block of Fixed Assets includes Rs.4,35,20,129 (Previous year Rs.4,35,20,129) on account of revaluation of Fixed Assets carried out in the past. Consequent to the said revaluation there is an additional charge of depreciation of Rs.2,41,237 (Previous Year Rs. 2,41,237) and an equivalent amount, has been withdrawn from Revaluation Reserve and credited to the Profit and Loss Account.

5. Expenditure on account of premium on forward exchange contracts to be recognized in the profit and loss account of subsequent accounting period aggregates to Rs.25,36,478 (Previous Year Rs.66,99,598).

6. The Company is accounting for transactions in foreign currency as per Accounting Standard-11- Effects of changes in foreign exchange rates and shall not exercise the option of deferment of exchange fluctuation on long term liabilities granted by Companies (Accounting Standard) Amendment Rules, 2009 issued by the Ministry of Corporate Affairs on 31st March, 2009.

7. In the opinion of the management, no impairment loss is required to be charged to Profit and Loss Account at the end of the financial year.

8. Balances of certain debtors and creditors are subject to confirmation and reconciliation. In the opinion of the management, current assets, loan and advances will have value on realization in the ordinary course of business at least equal to the amount at which they are stated.

9. The Company had issued 25,00,000 ( Previous year Nil) Redeemable Non-cumulative Preference Shares of Rs.100 each aggregating to Rs. 25,00,00,000 (Previous Year Rs.Nil) during the year, which are redeemable after twelve years from the date of allotment and 4,00,000(Previous year nil) Redeemable Non-cumulative Preference Shares of Rs.100 each aggregating to Rs.4,00,00,000(Previous year T Nil) redeemable after thirteen years from the date of allotment. 8% dividend will be paid to all the Preference shareholders subject to availability of distributable profits. The proceeds from the issue had been utilized towards acquisition of capital assets for the new projects and towards repayment of liabilities incurred for the said projects.

10. The information regarding amounts due to creditors registered under the Micro, Small and Medium Enterprises Development Act, 2006, has been given to the extent available with the Company. The required disclosures of outstanding dues of micro enterprises and small enterprises are as under:

11. Fixed monthly remuneration has been paid to directors in terms of provisions under Schedule XIII ofthe Companies Act, 1956. Fixed monthly remuneration has also been paid to Non-Executive Chairman of the Company under section 309(4) of the Companies Act, 1956. Computation of net profits in accordance with Section 198 read with Section 309(5) ofthe Companies Act, 1956:

12. Disclosures pursuant to Accounting Standard-7 "Construction Contracts" notified in the Companies (Accounting Standards) Rules 2006, are given below:

13. The disclosures required under Accounting Standard 15 "Employees Benefits" notified in the Companies (Accounting Standards Rules 2006, are given below:

Defined Contribution Plan

Contribution to Defined Contribution Plan, recognised are charged off for the year are as under:

Defined Benefit Plan

The employees'' gratuity fund scheme managed by Life Insurance Corporation of India is a defined benefit plan. The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method, which recognizes each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation.

The estimates of rate of escalation in salary considered in actuarial valuation, take into account inflation, seniority, promotion and other relevant factors including supply and demand in the employment market. The above information is as given by the Life Insurance Corporation of India (LIC) and as per certain estimates made by the management, which has been accepted by the auditors.

14. The Company is setting up a PVC Pipe (Expansion), Producer Gas Plant (Coal Gasifire) and other Expansion Projects at Uluberia, West Bengal during the year. The expenditure incurred during the construction period has been debited to Capital Work-In- Progress and are being apportioned to the assets on the completion of the project. The necessary details such expenditure has been disclosed below:

15. Leases

(a) Operating Lease

The Company has taken various residential/commercial premises under cancelable operating leases. There is no escalation clause in the lease agreement. There are no restrictions imposed by lease agreements. These lease agreements are normally renewed on expiry.

(b) Finance Leases:

(i) Assets acquired on finance lease mainly comprise vehicles. The leases have a primary period, which is fixed and non cancelable. There are no exceptional/restrictive covenants in the lease agreement:

(ii) The minimum lease rentals as at 31st March, 2011 of minimum lease payments in respect of assets acquired under finance lease are as follows:

16. List of related parties with whom the Company has entered into transactions during the year in the ordinary course of business A Relationship

1) Key Management Personnel

Mr. Sajan Kumar Bansal Mr. Sharan Bansal Mr. Devesh Bansal Mr. Siddharth Bansal

2) Parties where key management personnel along with their relatives have significant influence

Cement Manufacturing Company Limited Megha Technical Engineers (P) Limited Bansal TMT Steels Limited SkipperTelelink Limited Star Cement Meghalaya Limited VentexTrade Private Limited

3) Relatives of key management personnel

Sadhu Ram Bansal (father of Mr. Sajan Kumar Bansal)

Sumedha Bansal (wife of Mr. Sharan Bansal)

Rashmi Bansal (wife of Mr. Devesh Bansal)

The business segment has been considered as primary segment.

1 The Company has identified the following business segments taking into account products or group of related products that is subject to risks and returns that are different from those of other business segments, the organisation structure and the financial reporting system

I) Iron & Steel products

II) Infrastructure Projects

III) PVC Products

2 There are no items to be reported under geographical segments, considered as secondary segment, as overseas customers do not costitute a Reportable Segment as per Accounting Standard (AS) 17 "Segment Reporting".

3 There are no inter-segment revenues.

includes 348.940 M.T. (Previous year 3192.320 M.T.) inter unit transfer of semi-finished fabrication items and 6344.430 M.T. (Previous year Nil) Fabricated M S Angle

Notes:

1. Licensed Capacity is not applicable in view of the Company''s products having been delicenced as per licensing policy of Government of India.

2. Installed capacity is as certified by the management and accepted by auditors, being a technical matter.